Note 4 - Earnings Per Share

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 4.  EARNINGS PER SHARE

The computations of basic and diluted earnings per share follow:

	For the Three Months Ended September 30,
	2022							2021
				Common							Common
	Net Income			Shares		Per		Net Income			Shares		Per
Dollars in thousands,except per share amounts	(Numerator)			(Denominator)		Share		(Numerator)			(Denominator)		Share
Net income	$	14,423						$	12,238
Less preferred stock dividends		(225	)						(225	)
Basic earnings per share	$	14,198			12,766,473	$	1.11	$	12,013			12,964,575	$	0.93
Effect of dilutive securities:
Stock options					—							789
Stock appreciation rights ("SARs")					65,915							48,827
Restricted stock units ("RSUs")					3,372							4,481
Diluted earnings per share	$	14,198			12,835,760	$	1.11	$	12,013			13,018,672	$	0.92

	For the Nine Months Ended September 30,
	2022							2021
				Common							Common
	Net Income			Shares		Per		Net Income			Shares		Per
Dollars in thousands,except per share amounts	(Numerator)			(Denominator)		Share		(Numerator)			(Denominator)		Share
Net income	$	38,130						$	33,157
Less preferred stock dividends		(675	)						(364	)
Basic earnings per share	$	37,455			12,755,576	$	2.94	$	32,793			12,953,053	$	2.53
Effect of dilutive securities:
Stock options					—							3,278
Stock appreciation rights ("SARs")					56,035							49,951
Restricted stock units ("RSUs")					4,371							5,244
Diluted earnings per share	$	37,455			12,815,982	$	2.92	$	32,793			13,011,526	$	2.52

Stock option and SAR grants are disregarded in this computation if they are determined to be anti-dilutive.  All stock options were dilutive for thethree and nine months ended September 30, 2021. Our anti-dilutive SARs were 105,467 for the three and nine months ended September 30, 2022 and totaled 222,740 for thethree and nine months ended September 30, 2021. All RSUs were dilutive for all periods presented.