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Note 5 - Common Shares and Earnings Per Share | 9 Months Ended
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Sep. 30, 2020
Notes to Financial Statements |
Stockholders Equity and Earnings per Share [Text Block] | 5. Common Shares and Earnings Per Share Shelf Registration On May 3, 2018 the Company filed a shelf registration statement with the Securities and Exchange Commission (SEC) under which the Company may offer for sale, from time to time, either separately or together in any combination, equity, debt or other securities described in the shelf registration statement, which expires on May 3, 2021. On November 8, 2019, the Company entered into a Distribution Agreement with KeyBanc Capital Markets Inc. (KeyBanc Capital Markets). Pursuant to the terms of the Distribution Agreement, the Company may offer and sell its common shares from time to time through KeyBanc, as the Company’s distribution agent for the offer and sale of the shares, up to an aggregate sales price of $75,000,000. Under the Distribution Agreement, the Company will designate the minimum price and maximum number of common shares to be sold through KeyBanc on any given trading day or over a specified period of trading days, and KeyBanc will use commercially reasonable efforts to sell such shares on such days, subject to certain conditions. Sales of the shares, if any, will be made by means of ordinary brokers’ transactions on the Nasdaq Global Select Market at market prices or as otherwise agreed with KeyBanc. The Company may also agree to sell shares to KeyBanc, as principal for its own account, on terms agreed to by the Company and KeyBanc in a separate agreement at the time of sale. KeyBanc will receive from the Company a commission of up to 2% of the gross sales price per share for any shares sold through it as the Company’s distribution agent under the Distribution Agreement. The Company is not obligated to sell and KeyBanc is not obligated to buy or sell any of the shares under the Distribution Agreement. The shares, if issued, will be issued pursuant to the Company’s existing shelf registration statement. 2020 Common Stock Activity Following is a reconciliation of the Company’s common shares outstanding from December 31, 2019 through September 30, 2020:
Common Shares Outstanding, December 31, 2019 |  |  | 40,157,591 |
Issuances: |  |  |  |
At-the-Market Offering |  |  | 588,084 |
Automatic Dividend Reinvestment and Share Purchase Plan: |  |  |  |
Dividends Reinvested |  |  | 102,042 |
Cash Invested |  |  | 88,636 |
Executive Stock Performance Awards (2017 awards earned) |  |  | 62,497 |
Vesting of Restricted Stock Units |  |  | 35,720 |
Employee Stock Purchase Plan: |  |  |  |
Cash Invested |  |  | 29,894 |
Dividends Reinvested |  |  | 7,906 |
Restricted Stock Issued to Directors |  |  | 17,400 |
Directors Deferred Compensation |  |  | 612 |
Retirements: |  |  |  |
Shares Withheld for Individual Income Tax Requirements |  |  | (38,217 | )
Common Shares Outstanding, September 30, 2020 |  |  | 41,052,165 |
Earnings Per Share The numerator used in the calculation of both basic and diluted earnings per common share is net income with no adjustments for the three- and nine-month periods ended September 30, 2020 and 2019. The denominator used in the calculation of basic earnings per common share is the weighted average number of common shares outstanding during the period excluding nonvested restricted shares granted to the Company’s directors, which are considered contingently returnable and not outstanding for the purpose of calculating basic earnings per share. The denominator used in the calculation of diluted earnings per common share is derived by adjusting basic shares outstanding for the items listed in the following reconciliation for the three- and nine-month periods ended September 30:
|  | Three Months ended September 30 |  |  | Nine Months ended September 30 |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Weighted Average Common Shares Outstanding – Basic |  |  | 40,913,972 |  |  |  | 39,714,672 |  |  |  | 40,548,133 |  |  |  | 39,694,677 |
Plus Outstanding Share Awards net of Share Reductions for Unrecognized Stock-Based Compensation Expense and Excess Tax Benefits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shares Expected to be Awarded for Stock Performance Awards Granted to Executive Officers based on Measurement Period-to-Date Performance |  |  | 98,012 |  |  |  | 149,023 |  |  |  | 107,017 |  |  |  | 147,106 |
Underlying Shares Related to Nonvested Restricted Stock Units Granted to Employees |  |  | 48,682 |  |  |  | 68,138 |  |  |  | 53,303 |  |  |  | 63,902 |
Shares Expected to be Issued Under the Employee Stock Purchase Plan |  |  | 13,182 |  |  |  | - |  |  |  | 14,997 |  |  |  | - |
Nonvested Restricted Shares |  |  | 2,603 |  |  |  | 13,107 |  |  |  | 8,033 |  |  |  | 14,896 |
Shares Expected to be Issued Under the Deferred Compensation Program for Directors |  |  | 1,238 |  |  |  | 1,799 |  |  |  | 1,445 |  |  |  | 1,999 |
Total Dilutive Shares |  |  | 163,717 |  |  |  | 232,067 |  |  |  | 184,795 |  |  |  | 227,903 |
Weighted Average Common Shares Outstanding – Diluted |  |  | 41,077,689 |  |  |  | 39,946,739 |  |  |  | 40,732,928 |  |  |  | 39,922,580 |

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- Definition Disclosures related to description of common shares and common shares outstanding. Includes: (1) balances of common stock, (2) amount and nature of changes in the number of common shares authorized and outstanding, and number of shares issued upon exercise and conversion, descriptions of common share issuance programs including dividend reinvestment programs and stock option, incentive and award programs including information related to authorization, issuance and availability of shares under those programs. This element may be used to capture the complete disclosure pertaining to an entity's earnings per share. + References No definition available. + Details
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