Note 2 - Earnings Per Common Share

9 Months Ended

Sep. 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						Nine Months Ended
	September 30,						September 30,
(dollars in thousands, except for per share data)	2023			2022			2023			2022
Net income available to common stockholders	$	19,898		$	27,406		$	63,203		$	88,127
Earnings allocated to participating securities		(63	)		(67	)		(160	)		(217	)
Income attributable to common stock	$	19,835		$	27,339		$	63,043		$	87,910
Weighted average common shares outstanding, including participating securities		38,817			39,243			39,020			39,393
Weighted average participating securities		(123	)		(96	)		(99	)		(97	)
Weighted average common shares outstanding		38,694			39,147			38,921			39,296
Incremental shares from assumed conversions of options, performance units and restricted shares		135			192			135			214
Weighted average common and equivalent shares outstanding		38,829			39,339			39,056			39,510
Earnings per common share:
Basic	$	0.51		$	0.70		$	1.62		$	2.24
Diluted		0.51			0.70			1.61			2.23

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