Note 3 - Earnings Per Share

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

3.    Earnings Per Share

Earnings per common share have been computed based on the following:

	For the three months ended						For the nine months ended
	September 30,						September 30,
	2019			2018			2019			2018
	(In thousands, except per share data)
Net income	$	10,724		$	17,333		$	28,348		$	42,668
Divided by:
Weighted average common shares outstanding		28,730			28,604			28,704			28,806
Weighted average common stock equivalents		-			-			-			1
Total weighted average common shares outstanding and common stock equivalents		28,730			28,604			28,704			28,807
Basic earnings per common share	$	0.37		$	0.61		$	0.99		$	1.48
Diluted earnings per common share (1)	$	0.37		$	0.61		$	0.99		$	1.48
Dividend payout ratio		56.8	%		32.8	%		63.6	%		40.5	%

1. For the three and nine months ended September 30, 2019 and 2018, there were no common stock equivalents that were anti-dilutive.