Note 11 - Earnings Per Share

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 11 – Earnings Per Share

Earnings per share are computed using the two-class method. Basic earnings per share is computed by dividing net income allocated to common shares by the weighted average number of common shares outstanding during the applicable period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding adjusted for the dilutive effect of all potential common shares.

There were 87,000 and 35,000 antidilutive shares of common stock for the three months ended March 31, 2022 and 2021, respectively. 

Presented below are the calculations for basic and diluted earnings per share:

	Three months ended March 31,
	2022		2021
	(In Thousands, except per share amounts)
Net income	$	5,291	$	21,344
Weighted average shares outstanding		23,132		23,735
Effect of dilutive potential common shares		179		215
Diluted weighted average shares outstanding	$	23,311	$	23,950
Basic earnings per share	$	0.23	$	0.90
Diluted earnings per share	$	0.23	$	0.89