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Note 3 - Earnings Per Common Share | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Earnings Per Share [Text Block] | Note 3. 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 |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(dollars in thousands, except for per share data) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net income available to common stockholders |  | $ | 15,652 |  |  | $ | 19,898 |  |  | $ | 48,895 |  |  | $ | 63,203 |
Earnings allocated to participating securities |  |  | (44 | ) |  |  | (63 | ) |  |  | (133 | ) |  |  | (160 | )
Income attributable to common stock |  | $ | 15,608 |  |  | $ | 19,835 |  |  | $ | 48,762 |  |  | $ | 63,043 |
Weighted average common shares outstanding, including participating securities |  |  | 38,427 |  |  |  | 38,817 |  |  |  | 38,377 |  |  |  | 39,020 |
Weighted average participating securities |  |  | (108 | ) |  |  | (123 | ) |  |  | (104 | ) |  |  | (99 | )
Weighted average common shares outstanding |  |  | 38,319 |  |  |  | 38,694 |  |  |  | 38,273 |  |  |  | 38,921 |
Incremental shares from assumed conversions of options, performance units and restricted shares |  |  | 206 |  |  |  | 135 |  |  |  | 185 |  |  |  | 135 |
Weighted average common and equivalent shares outstanding |  |  | 38,525 |  |  |  | 38,829 |  |  |  | 38,458 |  |  |  | 39,056 |
Earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.41 |  |  | $ | 0.51 |  |  | $ | 1.27 |  |  | $ | 1.62 |
Diluted |  |  | 0.41 |  |  |  | 0.51 |  |  |  | 1.27 |  |  |  | 1.61 |
There were no antidilutive share equivalents during the nine months ended September 30, 2024 and September 30, 2023.

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