Note 2 - Earnings Per Common Share

12 Months Ended

Dec. 31, 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:

	Years Ended December 31,
	2023			2022			2021
	(in thousands, except per share amounts)
Net income available to common stockholders	$	80,967		$	119,174		$	128,636
Earnings allocated to participating securities		(216	)		(287	)		(313	)
Income attributable to common stock	$	80,751		$	118,887		$	128,323
Weighted average common shares outstanding, including participating securities		38,913			39,355			39,723
Weighted average participating securities		(104	)		(95	)		(97	)
Weighted average common shares outstanding		38,809			39,260			39,626
Incremental shares from assumed conversions of options, deferred stock units, performance units and restricted stock		153			216			260
Weighted average common and equivalent shares outstanding		38,962			39,476			39,886
Earnings per common share:
Basic	$	2.08		$	3.03		$	3.24
Diluted		2.07			3.01			3.22

There were no antidilutive common share equivalents as of December 31, 2023, 2022 and 2021.