Note 2 - Earnings Per Common Share

9 Months Ended

Sep. 30, 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				Nine Months
	Ended September 30,				Ended September 30,
(In thousands, except per share amounts)	2021		2020		2021		2020
Numerator:
Net income	$	21,274	$	18,044	$	60,698	$	49,896
Denominator:
Basic earnings per common share - weighted-average shares		82,907		82,672		82,835		82,472
Effect of dilutive stock options		465		607		545		626
Diluted earnings per common share - weighted-average shares and assumed conversions		83,372		83,279		83,380		83,098
Basic earnings per common share	$	0.26	$	0.22	$	0.73	$	0.61
Diluted earnings per common share	$	0.26	$	0.22	$	0.73	$	0.60

Options totaling 339,450 and 328,550 equivalent shares for the three-month and nine-month periods ended September 30, 2021, respectively, and 181,650 and 288,150 equivalent shares for the three-month and nine-month periods ended September 30, 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 66,912 equivalent shares for each of the three-month and nine-month periods ended September 30, 2021, and 43,923 and 96,423 equivalent shares for the three-month and nine-month periods ended September 30, 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.