Note 2 - Earnings Per Common Share

6 Months Ended

Jun. 30, 2023

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)	2023			2022			2023			2022
Net income available to common stockholders	$	19,885		$	30,849		$	43,305		$	60,721
Earnings allocated to participating securities		(53	)		(70	)		(98	)		(150	)
Income attributable to common stock	$	19,832		$	30,779		$	43,207		$	60,571
Weighted average common shares outstanding, including participating securities		39,078			39,379			39,127			39,469
Weighted average participating securities		(104	)		(89	)		(88	)		(98	)
Weighted average common shares outstanding		38,974			39,290			39,039			39,371
Incremental shares from assumed conversions of options, performance units and restricted shares		43			176			135			225
Weighted average common and equivalent shares outstanding		39,017			39,466			39,174			39,596
Earnings per common share:
Basic	$	0.51		$	0.78		$	1.11		$	1.54
Diluted		0.51			0.78			1.10			1.53

There were no antidilutive share equivalents during the six months ended June 30, 2023 and  June 30, 2022.