Earnings Per Share

9 Months Ended

Sep. 30, 2015

Note 4 – Earnings Per Share

Basic earnings per share (EPS) are computed on the basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of both the Convertible Preferred Stock $7.00 Series and the Convertible Preferred Stock $8.00 Series.

	(In Thousands Except per Share Amounts)
	Three Months Ended September 30,
	2015					2014
Basic:	Income			Shares		Income			Shares
Net Income	$	6,743			16,202	$	6,758			16,097
Preferred Dividend		(36	)				(36	)
Earnings Applicable to Common Stock	$	6,707			16,202	$	6,722			16,097

Basic EPS	$	0.41				$	0.42

Diluted:
Earnings Applicable to Common Stock	$	6,707			16,202	$	6,722			16,097
$7.00 Series Preferred Dividend		17			115		17			115
$8.00 Series Preferred Dividend		6			41		6			41
Adjusted Earnings Applicable to Common Stock	$	6,730			16,358	$	6,745			16,253

Diluted EPS	$	0.41				$	0.42

	(In Thousands Except per Share Amounts)
	Nine Months Ended September 30,
	2015					2014
Basic:	Income			Shares		Income			Shares
Net Income	$	15,467			16,161	$	14,654			16,030
Preferred Dividend		(108	)				(115	)
Earnings Applicable to Common Stock	$	15,359			16,161	$	14,539			16,030

Basic EPS	$	0.95				$	0.91

Diluted:
Earnings Applicable to Common Stock	$	15,359			16,161	$	14,539			16,030
$7.00 Series Preferred Dividend		50			115		57			140
$8.00 Series Preferred Dividend		18			41		18			41
Adjusted Earnings Applicable to Common Stock	$	15,427			16,317	$	14,614			16,211

Diluted EPS	$	0.95				$	0.90