Note 2 - Earnings Per Common Share

9 Months Ended

Sep. 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				Nine Months
	Ended September 30,				Ended September 30,
(In thousands, except per share amounts)	2023		2022		2023		2022
Numerator:
Net income	$	13,598	$	25,646	$	57,974	$	84,840
Denominator:
Basic earnings per common share - weighted-average shares		81,306		81,061		81,260		81,889
Effect of dilutive stock options		148		286		154		266
Diluted earnings per common share - weighted-average shares and assumed conversions		81,454		81,347		81,414		82,155
Basic earnings per common share	$	0.17	$	0.32	$	0.71	$	1.04
Diluted earnings per common share	$	0.17	$	0.32	$	0.71	$	1.03

Options totaling 157,000 equivalent shares for each of the three-month and nine-month periods ended September 30, 2023, and 512,500 and 535,600 equivalent shares for the three-month and nine-month periods ended September 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 nine-month periods ended September 30, 2023, and 16,590 equivalent shares for each of the three-month and nine-month periods ended September 30, 2022, 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.