Note 11 - Earnings Per Common Share

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 11: Earnings Per Common Share

The table below shows earnings per common share and diluted earnings per common share. Basic earnings per common share are computed by dividing net income by the average number of common shares outstanding during the period. Diluted earnings per common share are computed by dividing net income by the average number of common shares outstanding during the period plus the impact of common stock equivalents.

	For the Three Months				For the Six Months
	Ended June 30,
	2019		2018		2019		2018
	(In thousands, except per share data)
Net income applicable to common equity (numerator)	$	19,625	$	18,010	$	39,271	$	35,516
Basic earnings per common share
Weighted average number of common shares outstanding - basic (denominator)		26,942		26,630		26,892		26,581
Basic earnings per common share	$	0.73	$	0.68	$	1.46	$	1.34
Diluted earnings per common share
Weighted average number of common shares outstanding - basic		26,942		26,630		26,892		26,581
Add common stock equivalents for options		45		98		58		115
Weighted average number of common shares outstanding - diluted (denominator)		26,987		26,728		26,950		26,696
Diluted earnings per common share	$	0.73	$	0.67	$	1.46	$	1.33

For the three and six months ended June 30, 2019, options to purchase 436 thousand and 449 thousand shares of common stock, respectively, were outstanding but not included in the computation of diluted earnings per common share because the option exercise price exceeded the fair value of the stock such that their inclusion would have had an anti-dilutive effect.

For the three and six months ended June 30, 2018, options to purchase 482 thousand and 486 thousand shares of common stock, respectively, were outstanding but not included in the computation of diluted earnings per common share because the option exercise price exceeded the fair value of the stock such that their inclusion would have had an anti-dilutive effect.