Note 2 - Earnings per Common Share

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

(2) Earnings per Common Share

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

	Three Months
	Ended March 31,
(In thousands, except per share amounts)	2021		2020
Numerator:
Net income	$	18,006	$	13,718
Denominator:
Basic earnings per common share - weighted-average shares		82,758		82,214
Effect of dilutive stock options		601		650
Diluted earnings per common share - weighted-average shares and assumed conversions		83,359		82,864
Basic earnings per common share	$	0.22	$	0.17
Diluted earnings per common share	$	0.22	$	0.17

Options totaling 193,750 and 294,450 equivalent shares for the three-month periods ended March 31, 2021 and 2020, 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 40,263 and 77,066 equivalent shares for the three-month periods ended March 31, 2021 and 2020, 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.