Note 5 - Earnings Per Share

3 Months Ended

Mar. 31, 2019

Earnings per Share

Basic earnings per share excludes dilution and is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock and resulted in the issuance of common stock that then shared in earnings. Outstanding stock options and restricted stock units (“RSUs”) with anti-dilutive effect were

not

included in the computation of diluted earnings per share. The following table sets forth earnings per common share calculations:

	Three months ended March 31,
	2019		2018
	(In thousands, except share and per share data)

Net income	$	66,679	$	63,816

Weighted-average shares:
Basic weighted-average number of common shares outstanding		80,455,317		81,123,380
Dilutive effect of weighted-average outstanding common share equivalents

Warrants		—		295,453
RSUs		247,817		261,612
Diluted weighted-average number of common shares outstanding		80,703,134		81,680,445

Average stock options and restricted stock units with anti-dilutive effect		44,545		38,906
Earnings per common share:
Basic	$	0.83	$	0.79
Diluted	$	0.83	$	0.78