Earning Per Common Share (Tables)

9 Months Ended

Sep. 30, 2017

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,
	2017		2016		2017		2016
	(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 stock		1,838		1,838		5,513		5,513
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		43,947		43,926		43,937		43,913
Effect of dilutive securities:
Average potential common shares-options		17		47		20		40
Average potential common shares-assuming ' ' conversion of convertible preferred stock		7,138		7,138		7,138		7,138
Total weighted average common shares ' 'outstanding and equivalents		51,102		51,111		51,095		51,091
Earnings per common share - basic	$	-	$	0.27	$	0.57	$	0.76
Earnings per common share - diluted	$	-	$	0.26	$	0.56	$	0.76