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Note 5 - Common Shares and Earnings Per Share
6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Stockholders Equity and Earnings per Share [Text Block]

5. Common Shares and Earnings Per Share

 

Shelf Registration

On May 3, 2018 the Company filed a shelf registration statement with the Securities and Exchange Commission (SEC) under which the Company may offer for sale, from time to time, either separately or together in any combination, equity, debt or other securities described in the shelf registration statement, which expires on May 3, 2021.

 

Common Shares

Following is a reconciliation of the Company’s common shares outstanding from December 31, 2018 through June 30, 2019:

 

Common Shares Outstanding, December 31, 2018

    39,664,884  

Issuances:

       

Executive Stock Performance Awards (2016 shares earned)

    102,198  

Vesting of Restricted Stock Units

    26,750  

Restricted Stock Issued to Directors

    15,700  

Directors Deferred Compensation

    594  

Retirements:

       

Shares Withheld for Individual Income Tax Requirements

    (55,224 )

Common Shares Outstanding, June 30, 2019

    39,754,902  

 

Earnings Per Share

The numerator used in the calculation of both basic and diluted earnings per common share is net income for the three- and six-month periods ended June 30, 2019 and 2018. The denominator used in the calculation of basic earnings per common share is the weighted average number of common shares outstanding during the period excluding nonvested restricted shares granted to the Company’s directors, which are considered contingently returnable and not outstanding for the purpose of calculating basic earnings per share. The denominator used in the calculation of diluted earnings per common share is derived by adjusting basic shares outstanding for the items listed in the following reconciliations.

 

   

Three Months ended

June 30

   

Six Months ended

June 30

 
   

2019

   

2018

   

2019

   

2018

 

Weighted Average Common Shares Outstanding – Basic

    39,712,036       39,605,717       39,684,679       39,578,296  

Plus Outstanding Share Awards net of Share Reductions for Unrecognized Stock-Based Compensation Expense and Excess Tax Benefits:

                               

Shares Expected to be Awarded for Stock Performance Awards Granted to Executive Officers based on Measurement Period-to-Date Performance

    134,137       202,643       146,148       212,902  

Underlying Shares Related to Nonvested Restricted Stock Units Granted to Employees

    60,168       57,616       61,783       58,373  

Nonvested Restricted Shares

    9,657       10,733       15,790       19,188  

Shares Expected to be Issued Under the Deferred Compensation Program for Directors

    1,833       2,360       2,099       2,617  

Total Dilutive Shares

    205,795       273,352       225,820       293,080  

Weighted Average Common Shares Outstanding – Diluted

    39,917,831       39,879,069       39,910,499       39,871,376  

 

The effect of dilutive shares on earnings per share for the three- and six-month periods ended June 30, 2019 and 2018, resulted in no differences greater than $0.01 between basic and diluted earnings per share in any period.