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Note 3 - Earnings Per Common Share
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 3. Earnings per Common Share

 

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)

 

2025

  

2024

  

2025

  

2024

 

Net income available to common stockholders

 $39,467  $15,652  $36,398  $48,895 

Earnings allocated to participating securities

  (88)  (44)  (87)  (133)

Income attributable to common stock

 $39,379  $15,608  $36,311  $48,762 
                 

Weighted average common shares outstanding, including participating securities

  50,273   38,427   43,628   38,377 

Weighted average participating securities

  (112)  (108)  (105)  (104)

Weighted average common shares outstanding

  50,161   38,319   43,523   38,273 

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

  302   206   223   185 

Weighted average common and equivalent shares outstanding

  50,463   38,525   43,746   38,458 
                 

Earnings per common share:

                

Basic

 $0.79  $0.41  $0.83  $1.27 

Diluted

  0.78   0.41   0.83   1.27 

 

There were no antidilutive share equivalents during the nine months ended September 30, 2025 and  September 30, 2024.