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Note 5 - Earnings Per Share

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

5. Earnings per Share

Basic earnings per share excludes dilution and is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock and resulted in the issuance of common stock that then shared in earnings. Restricted stock units (“RSUs”) with anti-dilutive effect were not included in the computation of diluted earnings per share. The following table sets forth earnings per common share calculations:

		*Three Months Ended June 30,*								*Six Months Ended June 30,*
		*2024*				*2023*				*2024*				*2023*
		(In thousands, except share and per share data)

Net income		$	66,829			$	93,220			$	138,264			$	189,227

Weighted-average shares:
Basic weighted-average number of common shares outstanding			72,658,810				72,536,301				72,666,392				72,534,779
Dilutive effect of weighted-average outstanding common share equivalents:
RSUs			166,546				217,445				231,864				291,522
Diluted weighted-average number of common shares outstanding			72,825,356				72,753,746				72,898,256				72,826,301

Average restricted stock units with anti-dilutive effect			34,205				5,527				17,103				3,165
Earnings per common share:
Basic		$	0.92			$	1.29			$	1.90			$	2.61
Diluted		$	0.92			$	1.28			$	1.90			$	2.60