Note 11 - Earnings Per Common Share

6 Months Ended

Jun. 30, 2020

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,
	2020		2019		2020		2019
	(In thousands, except per share data)
Net income applicable to common equity (numerator)	$	19,562	$	19,625	$	36,524	$	39,271
Basic earnings per common share
Weighted average number of common shares outstanding - basic (denominator)		26,935		26,942		27,001		26,892
Basic earnings per common share	$	0.72	$	0.73	$	1.35	$	1.46
Diluted earnings per common share
Weighted average number of common shares outstanding - basic		26,935		26,942		27,001		26,892
Add common stock equivalents for options		16		45		23		58
Weighted average number of common shares outstanding - diluted (denominator)		26,951		26,987		27,024		26,950
Diluted earnings per common share	$	0.72	$	0.73	$	1.35	$	1.46

For the three and six months ended June 30, 2020, options to purchase 599 thousand and 556 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, 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.