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Note 5 - Earnings Per Share

6 Months Ended

Jun. 30, 2025

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,*
		*2025*				*2024*				*2025*				*2024*
		(In thousands, except share and per share data)

Net income		$	77,450			$	66,829			$	146,956			$	138,264

Weighted-average shares:
Basic weighted-average number of common shares outstanding			69,989,825				72,658,810				70,183,752				72,666,392
Dilutive effect of weighted-average outstanding common share equivalents:
RSUs			199,077				166,546				249,164				231,864
Diluted weighted-average number of common shares outstanding			70,188,902				72,825,356				70,432,916				72,898,256

Average restricted stock units with anti-dilutive effect			6,454				34,205				24,438				17,103
Earnings per common share:
Basic		$	1.11			$	0.92			$	2.09			$	1.90
Diluted		$	1.10			$	0.92			$	2.09			$	1.90