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Note 6 - Earnings Per Share
6 Months Ended
Jun. 30, 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 June 30,

  

Six months ended June 30,

 
  

2022

  

2021

  

2022

  

2021

 
  

(In thousands, except share and per share data)

 
                 

Net income

 $88,978  $77,199  $164,006  $150,583 
                 

Weighted-average shares:

                

Basic weighted-average number of common shares outstanding

  74,958,913   79,167,004   75,144,414   79,347,886 

Dilutive effect of weighted-average outstanding common share equivalents:

                

RSUs

  311,227   251,664   349,102   276,458 

Diluted weighted-average number of common shares outstanding

  75,270,140   79,418,668   75,493,516   79,624,344 
                 

Average restricted stock units with anti-dilutive effect

  108,211   19,170   65,629   44,996 

Earnings per common share:

                

Basic

 $1.19  $0.98  $2.18  $1.90 

Diluted

 $1.18  $0.97  $2.17  $1.89