Note 2 - Earnings Per Common Share

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 2.  Earnings per Common Share

Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) No. 260-10-45 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the earnings allocation in computing earnings per share (“EPS”).  The restricted stock awards granted by the Company contain non-forfeitable rights to dividends and therefore are considered participating securities. The two-class method for calculating basic EPS excludes dividends paid to participating securities and any undistributed earnings attributable to participating securities.

Earnings per common share have been computed based on the following:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(dollars in thousands, except for per share data)	2022			2021			2022			2021
Net income available to common stockholders	$	27,406		$	32,097		$	88,127		$	97,315
Earnings allocated to participating securities		(67	)		(76	)		(217	)		(250	)
Income attributable to common stock	$	27,339		$	32,021		$	87,910		$	97,065
Weighted average common shares outstanding, including participating securities		39,243			39,741			39,393			39,770
Weighted average participating securities		(96	)		(95	)		(97	)		(102	)
Weighted average common shares outstanding		39,147			39,646			39,296			39,668
Incremental shares from assumed conversions of options, performance units and restricted shares		192			223			214			220
Weighted average common and equivalent shares outstanding		39,339			39,869			39,510			39,888
Earnings per common share:
Basic	$	0.70		$	0.81		$	2.24		$	2.45
Diluted		0.70			0.80			2.23			2.43

There were no antidilutive share equivalents as of   September 30, 2022 or  September 30, 2021.