Note 11 - Earnings Per Common Share

9 Months Ended

Sep. 30, 2023

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				For the Nine Months
	Ended September 30,
	2023		2022		2023		2022
	(In thousands, except per share data)
Net income applicable to common equity (numerator)	$	41,601	$	34,760	$	122,300	$	82,690
Basic earnings per common share
Weighted average number of common shares outstanding - basic (denominator)		26,648		26,906		26,718		26,889
Basic earnings per common share	$	1.56	$	1.29	$	4.58	$	3.08
Diluted earnings per common share
Weighted average number of common shares outstanding - basic		26,648		26,906		26,718		26,889
Add common stock equivalents for options		2		10		3		12
Weighted average number of common shares outstanding - diluted (denominator)		26,650		26,916		26,721		26,901
Diluted earnings per common share	$	1.56	$	1.29	$	4.58	$	3.07

For the three and nine months ended September 30, 2023, options to purchase 964 thousand and 991 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.

For the three and nine months ended September 30, 2022, options to purchase 812 thousand and 809 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.