Note 7 - Earnings Per Common Share

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

7. Earnings per Common Share

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

(In thousands, except per share amounts)	2019		2018		2017
Numerator:
Net income	$	61,071	$	55,027	$	90,284
Denominator:
Basic earnings per common share - weighted-average shares		54,630		54,590		54,492
Effect of dilutive stock options		483		559		358
Diluted earnings per common share - weighted-average shares and assumed conversions		55,113		55,149		54,850
Basic earnings per common share	$	1.12	$	1.01	$	1.66
Diluted earnings per common share	$	1.11	$	1.00	$	1.65

Options totaling 220,300, 153,500 and 145,169 equivalent shares were outstanding but were not included in the calculation of diluted earnings per share for 2019, 2018 and 2017, respectively, 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 (see Note 14) totaling 69,636, 1,638 and 124,046 equivalent shares for 2019, 2018 and 2017, 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.