Note 6 - Earnings Per Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(In thousands, except share and per share data)
Net income	$	82,371	$	99,035	$	271,598	$	263,041
Weighted-average shares:
Basic weighted-average number of common shares outstanding		72,568,518		73,956,052		72,546,149		74,743,941
Dilutive effect of weighted-average outstanding common share equivalents:
RSUs		321,896		286,000		301,758		324,291
Diluted weighted-average number of common shares outstanding		72,890,414		74,242,052		72,847,907		75,068,232
Average restricted stock units with anti-dilutive effect		—		13,534		2,098		48,073
Earnings per common share:
Basic	$	1.14	$	1.34	$	3.74	$	3.52
Diluted	$	1.13	$	1.33	$	3.73	$	3.50