Note 5 - Earnings Per Share

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

5. 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 June 30,				Six months ended June 30,
	2019		2018		2019		2018
	(In thousands, except share and per share data)
Net income	$	72,244	$	73,664	$	138,923	$	137,480
Weighted-average shares:
Basic weighted-average number of common shares outstanding		80,106,329		81,236,315		80,279,859		81,180,160
Dilutive effect of weighted-average outstanding common share equivalents
Warrants		—		278,080		—		286,718
RSUs		196,350		260,591		221,941		261,099
Diluted weighted-average number of common shares outstanding		80,302,679		81,774,986		80,501,800		81,727,977
Average stock options and restricted stock units with anti-dilutive effect		66,339		6,521		55,502		22,624
Earnings per common share:
Basic	$	0.90	$	0.91	$	1.73	$	1.69
Diluted	$	0.90	$	0.90	$	1.73	$	1.68