Note 17 - Earnings Per Share

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 17 – EARNINGS PER SHARE

Basic earnings per share is based on the weighted average number of common shares and participating securities outstanding during the period. Diluted earnings per share include the dilutive effect of additional potential common shares issuable under our stock-based compensation plans and are determined using the treasury stock method. Our unvested restricted shares, which contain non-forfeitable rights to dividends whether paid or accrued (i.e., participating securities), are included in the number of shares outstanding for both basic and diluted earnings per share calculations. In the event of a net loss, our unvested restricted shares are excluded from the calculation of both basic and diluted earnings per share. Stock options for approximately 5,000 and 7,000 shares of common stock were antidilutive and were not included in determining dilutive earnings per share in 2022 and 2021, respectively.

The factors used in the earnings per share computation follow:

(Dollars in thousands, except share and per share amounts)	2023		2022		2021
Basic
Net income attributable to common shares	$	82,217	$	61,063	$	59,021
Weighted average common shares outstanding		16,015,678		15,859,889		15,986,857
Basic earnings per common share	$	5.13	$	3.85	$	3.69
Diluted
Net income attributable to common shares	$	82,217	$	61,063	$	59,021
Weighted average common shares outstanding for basic earnings per common share		16,015,678		15,859,889		15,986,857
Add: Dilutive effects of share-based awards		0		12		446
Average shares and dilutive potential common shares		16,015,678		15,859,901		15,987,303
Diluted earnings per common share	$	5.13	$	3.85	$	3.69