Note 11 - Earnings Per Common Share

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 11: Earnings Per Common Share

The table below shows earnings per common share and diluted earnings per common share. Basic earnings per common share are computed by dividing net income by the average number of common shares outstanding during the period. Diluted earnings per common share are computed by dividing net income by the average number of common shares outstanding during the period plus the impact of common stock equivalents.

	For the Three Months Ended
	March 31,
	2021		2020
	(In thousands, except per share data)
Net income (numerator)	$	20,147	$	16,962
Basic earnings per common share
Weighted average number of common shares outstanding - basic (denominator)		26,821		27,068
Basic earnings per common share	$	0.75	$	0.63
Diluted earnings per common share
Weighted average number of common shares outstanding - basic		26,821		27,068
Add common stock equivalents for options		21		71
Weighted average number of common shares outstanding - diluted (denominator)		26,842		27,139
Diluted earnings per common share	$	0.75	$	0.63

For the three months ended March 31, 2021 and 2020, options to purchase 598 thousand and 514 thousand shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per share because the option exercise price exceeded the fair value of the stock such that their inclusion would have had an anti-dilutive effect.