Note 3 - Earnings Per Common Share

9 Months Ended

Sep. 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				Nine Months
	Ended September 30,				Ended September 30,
(In thousands, except per share amounts)	2019		2018		2019		2018
Numerator:
Net income	$	16,587	$	15,257	$	45,323	$	39,290
Denominator:
Basic earnings per common share - weighted-average shares		54,655		54,661		54,608		54,615
Effect of dilutive stock options		479		533		470		536
Diluted earnings per common share - weighted-average shares and assumed conversions		55,134		55,194		55,078		55,151
Basic earnings per common share	$	0.30	$	0.28	$	0.83	$	0.72
Diluted earnings per common share	$	0.30	$	0.28	$	0.82	$	0.71

Options totaling 209,300 and 318,600 equivalent shares for each of the three-month and nine-month periods ended September 30, 2019, respectively, and 119,500 equivalent shares for each of the three-month and nine-month periods ended September 30, 2018, 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 67,516 and 68,516 equivalent shares for each of the three-month and nine-month periods ended September 30, 2019, respectively, and 22,646 and 74,987 equivalent shares for each of the three-month and nine-month periods ended September, 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.