Note 11 - Earnings Per Common Share

6 Months Ended

Jun. 30, 2024

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,
	2024		2023		2024		2023
	(In thousands, except per share data)
Net income applicable to common equity (numerator)	$	35,462	$	40,248	$	71,879	$	80,699
Basic earnings per common share
Weighted average number of common shares outstanding - basic (denominator)		26,680		26,648		26,677		26,753
Basic earnings per common share	$	1.33	$	1.51	$	2.69	$	3.02
Diluted earnings per common share
Weighted average number of common shares outstanding - basic		26,680		26,648		26,677		26,753
Add common stock equivalents for options		1		-		1		3
Weighted average number of common shares outstanding - diluted (denominator)		26,681		26,648		26,678		26,756
Diluted earnings per common share	$	1.33	$	1.51	$	2.69	$	3.02

For the three and six months ended June 30, 2024, options to purchase 1,101 thousand and 1,005 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, 2023, options to purchase 1,031 thousand and 1,004 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.

[The remainder of this page intentionally left blank]