Note 6 - Earnings per Common Share

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

6. Earnings per Common Share

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

(In thousands, except per share amounts)	2020		2019		2018
Numerator:
Net income	$	69,500	$	61,071	$	55,027
Denominator:
Basic earnings per common share - weighted-average shares		82,527		81,945		81,885
Effect of dilutive stock options		637		725		839
Diluted earnings per common share - weighted-average shares and assumed conversions		83,164		82,670		82,724
Basic earnings per common share	$	0.84	$	0.75	$	0.67
Diluted earnings per common share	$	0.84	$	0.74	$	0.67

Options totaling 266,650, 330,450 and 230,250 equivalent shares were outstanding but were not included in the calculation of diluted earnings per share for 2020, 2019 and 2018, 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 13) totaling 46,705, 104,454 and 2,457 equivalent shares for 2020, 2019 and 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.