Note 2 - Earnings Per Common Share

3 Months Ended

Mar. 31, 2023

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
	March 31,
(dollars in thousands, except for per share data)	2023			2022
Net income available to common stockholders	$	23,420		$	29,872
Earnings allocated to participating securities		(44	)		(80	)
Income attributable to common stock	$	23,376		$	29,792
Weighted average common shares outstanding, including participating securities		39,178			39,560
Weighted average participating securities		(74	)		(107	)
Weighted average common shares outstanding		39,104			39,453
Incremental shares from assumed conversions of options, performance units and restricted shares		197			274
Weighted average common and equivalent shares outstanding		39,301			39,727
Earnings per common share:
Basic	$	0.60		$	0.76
Diluted		0.59			0.75

There were no antidilutive share equivalents for the quarters ended March 31, 2023 and  March 31, 2022.