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Note 11 - Earnings Per Common Share

9 Months Ended

Sep. 30, 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								For the Nine Months
		Ended September 30,
		2025				2024				2025				2024
		(In thousands, except per share data)
Net income applicable to common equity (numerator)		$	28,263			$	35,057			$	88,366			$	106,936
Basic earnings per common share
Weighted average number of common shares outstanding - basic (denominator)			25,341				26,685				25,953				26,680
Basic earnings per common share		$	1.12			$	1.31			$	3.40			$	4.01
Diluted earnings per common share
Weighted average number of common shares outstanding - basic			25,341				26,685				25,953				26,680
Add common stock equivalents for options			-				1				-				1
Weighted average number of common shares outstanding - diluted (denominator)			25,341				26,686				25,953				26,681
Diluted earnings per common share		$	1.12			$	1.31			$	3.40			$	4.01

For the three and nine months ended September 30, 2025, options to purchase 1,226 thousand and 1,253 thousand shares of common stock, respectively, were outstanding but not included in the computation of diluted earnings per common share because the option exercise price exceeded the fair value of the stock such that their inclusion would have had an anti-dilutive effect.

For the three and nine months ended September 30, 2024, options to purchase 1,068 thousand and 1,093 thousand shares of common stock, respectively, were outstanding but not included in the computation of diluted earnings per common share because the option exercise price exceeded the fair value of the stock such that their inclusion would have had an anti-dilutive effect.