Note 5 - Earnings Per Share

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

5. 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,
	2024		2023
	(In thousands, except share and per share data)
Net income	$	71,435	$	96,007
Weighted-average shares:
Basic weighted-average number of common shares outstanding		72,673,974		72,533,239
Dilutive effect of weighted-average outstanding common share equivalents:
RSUs		297,183		366,423
Diluted weighted-average number of common shares outstanding		72,971,157		72,899,662
Average restricted stock units with anti-dilutive effect		—		777
Earnings per common share:
Basic	$	0.98	$	1.32
Diluted	$	0.98	$	1.32