Note 5 - Earnings Per Share

9 Months Ended

Sep. 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 common 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,
	2021		2020		2021		2020
	(In thousands, except share and per share data)
Net income	$	72,397	$	56,794	$	222,980	$	157,967
Weighted-average shares:
Basic weighted-average number of common shares outstanding		77,846,424		79,628,372		78,841,899		79,599,288
Dilutive effect of weighted-average outstanding common share equivalents RSUs		306,984		135,946		286,745		159,655
Diluted weighted-average number of common shares outstanding		78,153,408		79,764,318		79,128,644		79,758,943
Average restricted stock units with anti-dilutive effect		884		117,621		30,130		97,110
Earnings per common share:
Basic	$	0.93	$	0.71	$	2.83	$	1.98
Diluted	$	0.93	$	0.71	$	2.82	$	1.98