Note 2 - Earnings Per Common Share

6 Months Ended

Jun. 30, 2023

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				Six Months
	Ended June 30,				Ended June 30,
(In thousands, except per share amounts)	2023		2022		2023		2022
Numerator:
Net income	$	21,874	$	31,661	$	44,376	$	59,194
Denominator:
Basic earnings per common share - weighted-average shares		81,263		81,689		81,236		82,310
Effect of dilutive stock options		149		326		158		307
Diluted earnings per common share - weighted-average shares and assumed conversions		81,412		82,015		81,394		82,617
Basic earnings per common share	$	0.27	$	0.39	$	0.55	$	0.72
Diluted earnings per common share	$	0.27	$	0.39	$	0.55	$	0.72

Options totaling 132,000 equivalent shares for each of the three-month and six-month periods ended June 30, 2023, and 486,000 and 495,500 equivalent shares for the three-month and six-month periods ended June 30, 2022, 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 106,582 equivalent shares for each of the three-month and six-month periods ended June 30, 2023 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 each of the three-month and six-month periods ended June 30, 2022.