Note 6 - Earnings Per Common Share

12 Months Ended

Dec. 31, 2023

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)	2023		2022		2021
Numerator:
Net income	$	70,373	$	110,354	$	85,428
Denominator:
Basic earnings per common share - weighted-average shares		81,272		81,692		82,872
Effect of dilutive stock options		141		267		536
Diluted earnings per common share - weighted-average shares and assumed conversions		81,413		81,959		83,408
Basic earnings per common share	$	0.87	$	1.35	$	1.03
Diluted earnings per common share	$	0.86	$	1.35	$	1.02

Options totaling 173,300, 541,500 and 605,550 equivalent shares were outstanding but were not included in the calculation of diluted earnings per share for 2023, 2022 and 2021, 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 10) totaling 106,582, 16,632 and 71,734 equivalent shares for 2023, 2022 and 2021, 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.