Note 10 - Earnings Per Share

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

EARNINGS PER SHARE

NOTE 10—EARNINGS PER SHARE

The following is the computation of basic and diluted EPS:

	Three months ended September 30,				Nine months ended September 30,
(In thousands, except per share amounts)	2022		2021		2022		2021
Numerator
Net income	$	26,905	$	7,035	$	101,656	$	21,120
Denominator
Weighted average shares used to compute basic earnings per share		44,085		44,109		44,179		43,915
Dilutive effect of stock option awards		458		356		560		81
Dilutive effect of restricted stock units and performance stock units awards		—		—		8		—
Weighted average shares used to compute diluted earnings per share		44,543		44,465		44,747		43,996
Earnings (loss) per share
Basic	$	0.61	$	0.16	$	2.30	$	0.48
Diluted	$	0.60	$	0.16	$	2.27	$	0.48

Diluted earnings per share for the three months ended September 30, 2022, excludes 249 thousand of RSUs because the effect would have been antidilutive. Diluted earnings per share for the three months ended September 30, 2022, also excludes 249 thousand of performance stock units based on the guidance for contingently issuable shares, which requires exclusion when based on current period results, the shares would not be issuable if the end of the reporting period were the end of the contingency period. The performance stock units were excluded from diluted earnings per share for the nine months ended September 30,2022 as well.