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Earnings Per Common Share
 6 Months Ended
Jun. 30, 2017
Earnings Per Share [Abstract]  
Earnings Per Share Text Block

NOTE 16 – EARNINGS PER COMMON SHARE

The calculation of earnings per common share for the quarters and six-month periods ended June 30, 2017 and 2016 is as follows:

Quarter Ended June 30,Six-Month Period Ended June 30,
2017201620172016
(In thousands, except per share data)
Net income $ 17,104 $ 14,339 $ 32,254 $ 28,510
Less: Dividends on preferred stock
Non-convertible preferred stock (Series A, B, and D)(1,629)(1,629)(3,256)(3,256)
Convertible preferred stock (Series C)(1,837)(1,837)(3,675)(3,675)
Income available to common shareholders$13,638$10,873$25,323$21,579
Effect of assumed conversion of the convertible ' ' preferred stock1,8371,8373,6753,675
Income available to common shareholders assuming conversion$15,475$12,710$28,998$25,254
Weighted average common shares and share equivalents:
Average common shares outstanding 43,94743,91443,93143,906
Effect of dilutive securities:
Average potential common shares-options 15432437
Average potential common shares-assuming ' ' conversion of convertible preferred stock7,1387,1387,1387,138
Total weighted average common shares ' 'outstanding and equivalents51,10051,09551,09351,081
Earnings per common share - basic $ 0.30 $ 0.25 $ 0.58 $ 0.49
Earnings per common share - diluted$0.30$0.25$0.57$0.49

In computing diluted earnings per common share, the 84,000 shares of convertible preferred stock, which remain outstanding at June 30, 2017, with a conversion rate, subject to certain conditions, of 86.4225 shares of common stock per share, were included as average potential common shares from the date they were issued and outstanding. Moreover, in computing diluted earnings per common share, the dividends declared during the quarters and six-month periods ended June 30, 2017 and 2016 on the convertible preferred stock were added back as income available to common shareholders.

For the quarters ended June 30, 2017 and 2016, weighted-average stock options with an anti-dilutive effect on earnings per share not included in the calculation amounted to 967,041 and 957,743, respectively. For the six-month period ended June 30, 2017 and 2016, weighted-average stock options with an anti-dilutive effect on earnings per share not included in the calculation amounted to 890,472 and 957,783, respectively.