Note 5 - Earnings Per Share

6 Months Ended

Jun. 30, 2021

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,
	2021		2020		2021		2020
	(In thousands, except share and per share data)
Net income	$	77,199	$	54,321	$	150,583	$	101,173
Weighted-average shares:
Basic weighted-average number of common shares outstanding		79,167,004		79,581,097		79,347,886		79,584,587
Dilutive effect of weighted-average outstanding common share equivalents
RSUs		251,664		101,329		276,458		171,639
Diluted weighted-average number of common shares outstanding		79,418,668		79,682,426		79,624,344		79,756,226
Average restricted stock units with anti-dilutive effect		19,170		126,084		44,996		86,741
Earnings per common share:
Basic	$	0.98	$	0.68	$	1.90	$	1.27
Diluted	$	0.97	$	0.68	$	1.89	$	1.27