Note 6 - Earnings Per Share

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

6. 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 March 31,
	2022		2021
	(In thousands, except share and per share data)
Net income	$	75,028	$	73,384
Weighted-average shares:
Basic weighted-average number of common shares outstanding		75,331,976		79,530,777
Dilutive effect of weighted-average outstanding common share equivalents:
RSUs		387,399		301,528
Diluted weighted-average number of common shares outstanding		75,719,375		79,832,305
Average restricted stock units with anti-dilutive effect		22,574		71,108
Earnings per common share:
Basic	$	1.00	$	0.92
Diluted	$	0.99	$	0.92