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Note 6 - Earnings Per Common Share
 12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

6. Earnings Per Common Share


Basic and diluted earnings per common share were computed as follows:


(In thousands, except per share amounts)

 

2014

   

2013

   

2012

 

Numerator:

                       

Net income

  $ 29,834     $ 30,147     $ 27,267  

Denominator:

                       

Basic earnings per common share - weighted-average shares

    33,381       33,221       33,095  

Effect of dilutive stock options

    297       208       130  

Diluted earnings per common share - weighted-average shares and assumed conversions

    33,678       33,429       33,225  

Basic earnings per common share

  $ 0.89     $ 0.91     $ 0.82  

Diluted earnings per common share

  $ 0.89     $ 0.90     $ 0.82  

Options totaling 176,500, 304,600 and 697,725 equivalent shares were outstanding but were not included in the calculation of diluted earnings per share for 2014, 2013 and 2012, respectively, because including the options in the denominator would be antidilutive, or decrease the number of weighted-average shares, due to their exercise prices exceeding the average market price of the common shares, or because inclusion of average unrecognized compensation expense in the calculation would cause the options to be antidilutive.


Unvested performance unit awards (see Note 11) totaling 39,885, 47,636 and 65,400 equivalent shares for 2014, 2013 and 2012, respectively, were considered outstanding but were not included in the calculation of diluted earnings per share because inclusion of average unrecognized compensation expense in the calculation would cause the performance units to be antidilutive.