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Note 2 - Earnings Per Common Share
 3 Months Ended
Mar. 31, 2024
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:

 

  

Three Months Ended

 
  

March 31,

 

(dollars in thousands, except for per share data)

 

2024

  

2023

 

Net income available to common stockholders

 $15,696  $23,420 

Earnings allocated to participating securities

  (42)  (44)

Income attributable to common stock

 $15,654  $23,376 
         

Weighted average common shares outstanding, including participating securities

  38,423   39,178 

Weighted average participating securities

  (104)  (74)

Weighted average common shares outstanding

  38,319   39,104 

Incremental shares from assumed conversions of options, performance units and restricted shares

  193   197 

Weighted average common and equivalent shares outstanding

  38,512   39,301 
         

Earnings per common share:

        

Basic

 $0.41  $0.60 

Diluted

  0.41   0.59 

 

There were no antidilutive share equivalents during the three months ended March 31, 2024 and  March 31, 2023.