Note 3 - Earnings Per Common Share

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

(3) Earnings per Common Share

Basic and diluted earnings per common share were computed as follows:  

	Three Months				Six Months
	Ended June 30,				Ended June 30,
(In thousands, except per share amounts)	2019		2018		2019		2018
Numerator:
Net income	$	15,190	$	13,702	$	28,736	$	24,033
Denominator:
Basic earnings per common share - weighted-average shares		54,616		54,613		54,585		54,592
Effect of dilutive stock options		465		513		470		523
Diluted earnings per common share - weighted-average shares and assumed conversions		55,081		55,126		55,055		55,115
Basic earnings per common share	$	0.28	$	0.25	$	0.53	$	0.44
Diluted earnings per common share	$	0.28	$	0.25	$	0.52	$	0.44

Options totaling 317,800 equivalent shares for each of the three-month and six-month periods ended June 30, 2019, and 17,000 equivalent shares for each of the three-month and six-month periods ended June 30, 2018, respectively, were outstanding but were not included in the calculation of diluted earnings per share because including the options in the denominator would be antidilutive, or decrease the number of weighted-average shares, due to their exercise prices exceeding the average market price of the common shares, or because inclusion of average unrecognized compensation expense in the calculation would cause the options to be antidilutive.

Unvested performance unit awards totaling 72,796 equivalent shares for each of the three-month and six-month periods ended June 30, 2019, and 109,255 equivalent shares for each of the three-month and six-month periods ended June, 30, 2018, respectively, were considered outstanding but were not included in the calculation of diluted earnings per share because inclusion of average unrecognized compensation expense in the calculation would cause the performance units to be antidilutive.