Note 5 - Earnings Per Share

9 Months Ended

Sep. 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 September 30,				Nine months ended September 30,
	2020		2019		2020		2019
	(In thousands, except share and per share data)
Net income	$	56,794	$	72,835	$	157,967	$	211,758
Weighted-average shares:
Basic weighted-average number of common shares outstanding		79,628,372		79,736,814		79,599,288		80,096,855
Dilutive effect of weighted-average outstanding common share equivalents RSUs		135,946		257,016		159,655		233,761
Diluted weighted-average number of common shares outstanding		79,764,318		79,993,830		79,758,943		80,330,616
Average restricted stock units with anti-dilutive effect		117,621		32,321		97,110		47,690
Earnings per common share:
Basic	$	0.71	$	0.91	$	1.98	$	2.64
Diluted	$	0.71	$	0.91	$	1.98	$	2.64