Note 4 - Earnings Per Share

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 4.  EARNINGS PER SHARE

The computations of basic and diluted earnings per share follow:

	For the Three Months Ended March 31,
	2024							2023
				Common							Common
	Net Income			Shares		Per		Net Income			Shares		Per
Dollars in thousands,except per share amounts	(Numerator)			(Denominator)		Share		(Numerator)			(Denominator)		Share
Net income	$	17,047						$	14,101
Less preferred stock dividends		(225	)						(225	)
Basic earnings per share	$	16,822			14,683,596	$	1.15	$	13,876			12,783,851	$	1.09
Effect of dilutive securities:
Stock appreciation rights ("SARs")					65,017							43,287
Restricted stock units ("RSUs")					1,439							2,964
Diluted earnings per share	$	16,822			14,750,052	$	1.14	$	13,876			12,830,102	$	1.08

SAR grants and RSUs are disregarded in this computation if they are determined to be anti-dilutive. Our anti-dilutive SARs totaled 215,388 for the three months ended March 31, 2024 and 563,936 for the three months ended March 31, 2023, respectively. All RSUs were dilutive at March, 31 2024. There were 707 anti-dilutive RSUs at March 31, 2023.