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Note 11 - Earnings Per Common Share

3 Months Ended

Mar. 31, 2025

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 11: Earnings Per Common Share

The table below shows earnings per common share and diluted earnings per common share. Basic earnings per common share are computed by dividing net income by the average number of common shares outstanding during the period. Diluted earnings per common share are computed by dividing net income by the average number of common shares outstanding during the period plus the impact of common stock equivalents.

		For the Three Months Ended
		March 31,
		2025				2024
		(In thousands, except per share data)
Net income (numerator)		$	31,037			$	36,417
Basic earnings per common share
Weighted average number of common shares outstanding - basic (denominator)			26,642				26,674
Basic earnings per common share		$	1.16			$	1.37
Diluted earnings per common share
Weighted average number of common shares outstanding - basic			26,642				26,674
Add common stock equivalents for options			-				1
Weighted average number of common shares outstanding - diluted (denominator)			26,642				26,675
Diluted earnings per common share		$	1.16			$	1.37

For the three months ended March 31, 2025 and March 31, 2024, options to purchase 1,269 thousand and 1,109 thousand shares of common stock, respectively, were outstanding but not included in the computation of diluted earnings per share because the option exercise price exceeded the fair value of the stock such that their inclusion would have had an anti-dilutive effect.