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Note 3 - Earnings Per Common Share
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 3– Earnings per Common Share

 

FASB ASC 260-10-45, “Earnings Per Share”, 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,

 
  

2024

  

2023

  

2022

 
  

(in thousands, except per share amounts)

 

Net income available to common stockholders

 $67,757  $80,967  $119,174 

Earnings allocated to participating securities

  (187)  (216)  (287)

Income attributable to common stock

 $67,570  $80,751  $118,887 

Weighted average common shares outstanding, including participating securities

  38,376   38,913   39,355 

Weighted average participating securities

  (106)  (104)  (95)

Weighted average common shares outstanding

  38,270   38,809   39,260 

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

  211   153   216 

Weighted average common and equivalent shares outstanding

  38,481   38,962   39,476 

Earnings per common share:

            

Basic

 $1.77  $2.08  $3.03 

Diluted

  1.76   2.07   3.01 

               

There were no antidilutive common share equivalents as of December 31, 2024, 2023 and 2022.