Note 17 - Earnings Per Common Share

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

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 Years Ended December 31,
	2021		2020		2019
	(In thousands, except per share data)
Net income (numerator)	$	86,509	$	80,413	$	80,389
Basic earnings per common share
Weighted average number of common shares outstanding - basic (denominator)		26,855		26,942		26,956
Basic earnings per common share	$	3.22	$	2.98	$	2.98
Diluted earnings per common share
Weighted average number of common shares outstanding - basic		26,855		26,942		26,956
Add common stock equivalents for options		15		18		50
Weighted average number of common shares outstanding - diluted (denominator)		26,870		26,960		27,006
Diluted earnings per common share	$	3.22	$	2.98	$	2.98

For the years ended December 31, 2021, 2020 and 2019, options to purchase 649 thousand, 577 thousand and 382 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.