Note 6 - Earnings Per Common Share

12 Months Ended

Dec. 31, 2021

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)	2021		2020		2019
Numerator:
Net income	$	85,428	$	69,500	$	61,071
Denominator:
Basic earnings per common share - weighted-average shares		82,872		82,527		81,945
Effect of dilutive stock options		536		637		725
Diluted earnings per common share - weighted-average shares and assumed conversions		83,408		83,164		82,670
Basic earnings per common share	$	1.03	$	0.84	$	0.75
Diluted earnings per common share	$	1.02	$	0.84	$	0.74

Options totaling 605,550, 266,650 and 330,450 equivalent shares were outstanding but were not included in the calculation of diluted earnings per share for 2021, 2020 and 2019, 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 12) totaling 71,734, 46,705 and 104,454 equivalent shares for 2021, 2020 and 2019, 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.