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Note 2 - Earnings Per Common Share

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 2 – Earnings per Common Share

Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) No. 260-10-45 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the earnings allocation in computing earnings per share (“EPS”). The restricted stock awards granted by the Company contain non-forfeitable rights to dividends and therefore are considered participating securities. The two-class method for calculating basic EPS excludes dividends paid to participating securities and any undistributed earnings attributable to participating securities. Earnings per common share have been computed based on the following:

		Years Ended December 31,
		2022				2021				2020
		(in thousands, except per share amounts)
Net income available to common stockholders		$	119,174			$	128,636			$	71,289
Earnings allocated to participating securities			(287	)			(313	)			(356	)
Income attributable to common stock		$	118,887			$	128,323			$	70,933
Weighted average common shares outstanding, including participating securities			39,355				39,723				39,643
Weighted average participating securities			(95	)			(97	)			(131	)
Weighted average common shares outstanding			39,260				39,626				39,512
Incremental shares from assumed conversions of options, deferred stock units, performance units and restricted stock			216				260				132
Weighted average common and equivalent shares outstanding			39,476				39,886				39,644
Earnings per common share:
Basic		$	3.03			$	3.24			$	1.80
Diluted			3.01				3.22				1.79

There were no antidilutive common share equivalents as of December 31, 2022, 2021 and 2020.

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-URI https://asc.fasb.org/topic&trid=2144383

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257

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