Note 6 - Earnings Per Share

9 Months Ended

Sep. 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 September 30,				Nine months ended September 30,
	2022		2021		2022		2021
	(In thousands, except share and per share data)
Net income	$	99,035	$	72,397	$	263,041	$	222,980
Weighted-average shares:
Basic weighted-average number of common shares outstanding		73,158,096		77,846,424		74,475,032		78,841,899
Dilutive effect of weighted-average outstanding common share equivalents:
RSUs		286,000		306,984		324,292		286,745
Diluted weighted-average number of common shares outstanding		73,444,096		78,153,408		74,799,324		79,128,644
Average restricted stock units with anti-dilutive effect		—		884		—		30,130
Earnings per common share:
Basic	$	1.35	$	0.93	$	3.53	$	2.83
Diluted	$	1.35	$	0.93	$	3.52	$	2.82