Note 6 - Earnings Per Share

6 Months Ended

Jun. 30, 2023

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,
	2023		2022		2023		2022
	(In thousands, except share and per share data)
Net income	$	93,220	$	88,978	$	189,227	$	164,006
Weighted-average shares:
Basic weighted-average number of common shares outstanding		72,536,301		74,958,913		72,534,779		75,144,414
Dilutive effect of weighted-average outstanding common share equivalents:
RSUs		217,445		311,227		291,522		349,102
Diluted weighted-average number of common shares outstanding		72,753,746		75,270,140		72,826,301		75,493,516
Average restricted stock units with anti-dilutive effect		5,527		108,211		3,165		65,629
Earnings per common share:
Basic	$	1.29	$	1.19	$	2.61	$	2.18
Diluted	$	1.28	$	1.18	$	2.60	$	2.17