Note 2 - Earnings Per Common Share

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 2.  Earnings per Common Share

Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) No. 260-10-45 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the earnings allocation in computing earnings per share (“EPS”).  The restricted stock awards granted by the Company contain non-forfeitable rights to dividends and therefore are considered participating securities. The two-class method for calculating basic EPS excludes dividends paid to participating securities and any undistributed earnings attributable to participating securities.

Earnings per common share have been computed based on the following:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(dollars in thousands, except for per share data)	2022			2021			2022			2021
Net income available to common stockholders	$	30,849		$	32,219		$	60,721		$	65,218
Earnings allocated to participating securities		(70	)		(81	)		(150	)		(176	)
Income attributable to common stock	$	30,779		$	32,138		$	60,571		$	65,042
Weighted average common shares outstanding, including participating securities		39,379			39,781			39,469			39,786
Weighted average participating securities		(89	)		(100	)		(98	)		(107	)
Weighted average common shares outstanding		39,290			39,681			39,371			39,679
Incremental shares from assumed conversions of options, performance units and restricted shares		176			192			225			214
Weighted average common and equivalent shares outstanding		39,466			39,873			39,596			39,893
Earnings per common share:
Basic	$	0.78		$	0.81		$	1.54		$	1.64
Diluted		0.78			0.81			1.53			1.63

There were no antidilutive share equivalents as of   June 30, 2022 and June 30, 2021.