Note 5 - Earnings Per Share

9 Months Ended

Sep. 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 September 30,				Nine months ended September 30,
	2019		2018		2019		2018
	(In thousands, except share and per share data)
Net income	$	72,835	$	69,757	$	211,758	$	207,237
Weighted-average shares:
Basic weighted-average number of common shares outstanding		79,736,814		81,311,899		80,096,855		81,224,555
Dilutive effect of weighted-average outstanding common share equivalents
Warrants		—		234,105		—		268,988
RSUs		257,016		309,267		233,761		277,331
Diluted weighted-average number of common shares outstanding		79,993,830		81,855,271		80,330,616		81,770,874
Average stock options and restricted stock units with anti-dilutive effect		32,321		1,854		47,690		15,625
Earnings per common share:
Basic	$	0.91	$	0.86	$	2.64	$	2.55
Diluted	$	0.91	$	0.85	$	2.64	$	2.53