Note 15 - Net Income Per Common Share

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

15. NET INCOME PER COMMON SHARE

Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period. The denominator used in calculating diluted net income per common share further includes any common shares available to be issued upon vesting or exercise of outstanding equity-based awards if such inclusion would be dilutive, calculated using the treasury stock method.

The following table sets forth the computation of basic and diluted net income per common share (dollars in thousands, except per share amounts):

	Year Ended December 31,
	2019		2018		2017
Numerator:
Net income	$	178,582	$	164,760	$	235,171
Denominator:
Weighted average common shares outstanding - basic		5,678,990		5,684,375		5,680,073
Effect of dilutive equity-based awards (1)		58,866		41,588		66,964
Weighted average common shares outstanding - diluted		5,737,856		5,725,963		5,747,037
Net Income per Common Share:
Basic	$	31.45	$	28.98	$	41.40
Diluted	$	31.12	$	28.77	$	40.92

^{(1) Equity-based awards whose impact is considered to be anti-dilutive under the treasury stock method were excluded from the diluted net income per common share calculation. The excluded number of anti-dilutive equity-based awards totaled 409, 1,811 and 2,600 for 2019, 2018 and 2017, respectively.}