Note 17 - Earnings Per Common Share

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 17: 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 Years Ended December 31,
	2023		2022		2021
	(In thousands, except per share data)
Net income (numerator)	$	161,768	$	122,034	$	86,509
Basic earnings per common share
Weighted average number of common shares outstanding - basic (denominator)		26,703		26,895		26,855
Basic earnings per common share	$	6.06	$	4.54	$	3.22
Diluted earnings per common share
Weighted average number of common shares outstanding - basic		26,703		26,895		26,855
Add common stock equivalents for options		3		12		15
Weighted average number of common shares outstanding - diluted (denominator)		26,706		26,907		26,870
Diluted earnings per common share	$	6.06	$	4.54	$	3.22

For the years ended December 31, 2023, 2022 and 2021, options to purchase 983 thousand, 787 thousand and 649 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.