Note 5 - Earnings Per Share

3 Months Ended

Mar. 31, 2020

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 March 31,
	2020		2019
	(In thousands, except share and per share data)
Net income	$	46,852	$	66,679
Weighted-average shares:
Basic weighted-average number of common shares outstanding		79,588,076		80,455,317
Dilutive effect of weighted-average outstanding common share equivalents RSUs		241,949		247,817
Diluted weighted-average number of common shares outstanding		79,830,025		80,703,134
Average stock options and restricted stock units with anti-dilutive effect		47,399		44,545
Earnings per common share:
Basic	$	0.59	$	0.83
Diluted	$	0.59	$	0.83