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Earnings Per Common Share
 9 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
Earnings Per Share Text Block

NOTE 18 – EARNINGS PER COMMON SHARE

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

Quarter Ended September 30,Nine-Month Period Ended September 30,
2017201620172016
(In thousands, except per share data)
Net income $ 3,319 $ 15,120 $ 35,573 $ 43,630
Less: Dividends on preferred stock
Non-convertible preferred stock (Series A, B, and D)(1,627)(1,627)(4,883)(4,883)
Convertible preferred stock (Series C)(1,838)(1,838)(5,513)(5,513)
(Loss) Income available to common shareholders$(146)$11,655$25,177$33,234
Effect of assumed conversion of the convertible ' ' preferred stock1,8381,8385,5135,513
Income available to common shareholders assuming conversion$1,692$13,493$30,690$38,747
Weighted average common shares and share equivalents:
Average common shares outstanding 43,94743,92643,93743,913
Effect of dilutive securities:
Average potential common shares-options 17472040
Average potential common shares-assuming ' ' conversion of convertible preferred stock7,1387,1387,1387,138
Total weighted average common shares ' 'outstanding and equivalents51,10251,11151,09551,091
Earnings per common share - basic $ - $ 0.27 $ 0.57 $ 0.76
Earnings per common share - diluted$-$0.26$0.56$0.76

In computing diluted earnings per common share, the 84,000 shares of convertible preferred stock, which remain outstanding at September 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 nine-month periods ended September 30, 2017 and 2016 on the convertible preferred stock were added back as income available to common shareholders.

For the quarters ended September 30, 2017 and 2016, weighted-average stock options with an anti-dilutive effect on earnings per share not included in the calculation amounted to 922,601 and 927,069, respectively. For the nine-month period ended September 30, 2017 and 2016, weighted-average stock options with an anti-dilutive effect on earnings per share not included in the calculation amounted to 935,740 and 957,670, respectively.