Note 2 - Earnings Per Common Share

3 Months Ended

Mar. 31, 2022

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)	2022		2021
Numerator:
Net income	$	27,533	$	18,006
Denominator:
Basic earnings per common share - weighted-average shares		82,938		82,758
Effect of dilutive stock options		308		601
Diluted earnings per common share - weighted-average shares and assumed conversions		83,246		83,359
Basic earnings per common share	$	0.33	$	0.22
Diluted earnings per common share	$	0.33	$	0.22

Options totaling 452,000 and 193,750 equivalent shares for the three-month periods ended March 31, 2022 and 2021, 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 equivalent shares for the three-month period ended March 31, 2021 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. There were no such equivalent shares for the three-month period ended March 31, 2022.