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Note 15 - Net Income Per Common Share

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

15. NET INCOME PER COMMON SHARE

Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period. The denominator used in calculating diluted net income per common share further includes any common shares available to be issued upon vesting or exercise of outstanding equity-based compensation awards if such inclusion would be dilutive, calculated using the treasury stock method, and any common shares to be issued upon conversion of the Convertible Notes, calculated using the if-converted method.

The computation of basic and diluted net income per common share was as follows (dollars in thousands, except per share amounts):

		*Three Months Ended September 30,*								*Nine Months Ended September 30,*
		*2022*				*2021*				*2022*				*2021*
Numerator:
Net income - basic		$	70,607			$	52,255			$	311,328			$	226,989
Add: Convertible Notes interest expense, net of tax			1,561				1,561				4,655				3,575
Net income - diluted		$	72,168			$	53,816			$	315,983			$	230,564

Denominator:
Weighted average common shares outstanding - basic			5,836,731				6,019,517				5,933,372				6,015,450
Effect of dilutive equity-based compensation awards⁽¹⁾			20,278				37,110				20,335				38,257
Effect of dilution from if-converted Convertible Notes⁽²⁾			404,248				404,248				404,248				309,029
Weighted average common shares outstanding - diluted			6,261,257				6,460,875				6,357,955				6,362,736

Net Income per Common Share:
Basic		$	12.10			$	8.68			$	52.47			$	37.73
Diluted		$	11.53			$	8.33			$	49.70			$	36.24

Supplemental Net Income per Common Share Disclosure:
Anti-dilutive shares from equity-based compensation awards⁽¹⁾			13,068				3,119				13,068				3,119

⁽¹⁾	Equity-based compensation awards whose impact is considered to be anti-dilutive under the treasury stock method were excluded from the diluted net income per common share calculation.
⁽²⁾	Based on a conversion rate of 0.4394 shares of common stock per weighted $1,000 principal amount of Convertible Notes outstanding during all periods presented.