Note 5 - Earnings Per Share

6 Months Ended

Jun. 30, 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. 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,
	2020		2019		2020		2019
	(In thousands, except share and per share data)
Net income	$	54,321	$	72,244	$	101,173	$	138,923
Weighted-average shares:
Basic weighted-average number of common shares outstanding		79,581,097		80,106,329		79,584,587		80,279,859
Dilutive effect of weighted-average outstanding common share equivalents RSUs		101,329		196,350		171,639		221,941
Diluted weighted-average number of common shares outstanding		79,682,426		80,302,679		79,756,226		80,501,800
Average restricted stock units with anti-dilutive effect		126,084		66,339		86,741		55,502
Earnings per common share:
Basic	$	0.68	$	0.90	$	1.27	$	1.73
Diluted	$	0.68	$	0.90	$	1.27	$	1.73