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Earnings Per Share

9 Months Ended

Sep. 30, 2018

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,
	2018					2017
Basic:	Income			Shares		Income			Shares
Net Income	$	12,290			16,394	$	7,642			16,340
Preferred Dividend		(36	)				(36	)
Earnings Applicable to Common Stock	$	12,254			16,394	$	7,606			16,340

Basic EPS	$	0.75				$	0.47

Diluted:
Earnings Applicable to Common Stock	$	12,254			16,394	$	7,606			16,340
$7.00 Series Preferred Dividend		17			115		17			115
$8.00 Series Preferred Dividend		6			41		6			41
Adjusted Earnings Applicable to Common Stock	$	12,277			16,550	$	7,629			16,496

Diluted EPS	$	0.74				$	0.46

	(In Thousands Except per Share Amounts)
	Nine Months Ended September 30,
	2018					2017
Basic:	Income			Shares		Income			Shares
Net Income	$	25,459			16,379	$	17,463			16,324
Preferred Dividend		(108	)				(108	)
Earnings Applicable to Common Stock	$	25,351			16,379	$	17,355			16,324

Basic EPS	$	1.55				$	1.06

Diluted:
Earnings Applicable to Common Stock	$	25,351			16,379	$	17,355			16,324
$7.00 Series Preferred Dividend		50			115		50			115
$8.00 Series Preferred Dividend		18			41		18			41
Adjusted Earnings Applicable to Common Stock	$	25,419			16,535	$	17,423			16,480

Diluted EPS	$	1.54				$	1.06