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Note 17 - Earnings Per Common Share
12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 17: 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 Years Ended December 31,

 
  

2022

  

2021

  

2020

 
  

(In thousands, except per share data)

 

Net income (numerator)

 $122,034  $86,509  $80,413 

Basic earnings per common share

            

Weighted average number of common shares outstanding - basic (denominator)

  26,895   26,855   26,942 

Basic earnings per common share

 $4.54  $3.22  $2.98 

Diluted earnings per common share

            

Weighted average number of common shares outstanding - basic

  26,895   26,855   26,942 

Add common stock equivalents for options

  12   15   18 

Weighted average number of common shares outstanding - diluted (denominator)

  26,907   26,870   26,960 

Diluted earnings per common share

 $4.54  $3.22  $2.98 

 

For the years ended December 31, 2022, 2021 and 2020, options to purchase 787 thousand, 649 thousand and 577 thousand shares of common stock, respectively, were outstanding but not included in the computation of diluted earnings per common share because the option exercise price exceeded the fair value of the stock such that their inclusion would have had an anti-dilutive effect.