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Note 2 - Earnings Per Common Share

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

(2) Earnings per Common Share

Basic and diluted earnings per common share were computed as follows:

		Three Months
		Ended March 31,
(In thousands, except per share amounts)		2020				2019
Numerator:
Net income		$	13,718			$	13,546
Denominator:
Basic earnings per common share - weighted-average shares			54,809				54,553
Effect of dilutive stock options			434				493
Diluted earnings per common share - weighted-average shares and assumed conversions			55,243				55,046

Basic earnings per common share		$	0.25			$	0.25
Diluted earnings per common share		$	0.25			$	0.25

Options totaling 196,300 and 274,200 equivalent shares for the three-month periods ended March 31, 2020 and 2019, respectively, were outstanding but were not included in the calculation of diluted earnings per share because including the options in the denominator would be antidilutive, or decrease the number of weighted-average shares, due to their exercise prices exceeding the average market price of the common shares, or because inclusion of average unrecognized compensation expense in the calculation would cause the options to be antidilutive.

Unvested performance unit awards totaling 51,377 and 2,520 equivalent shares for the three-month periods ended March 31, 2020 and 2019, respectively, were considered outstanding but were not included in the calculation of diluted earnings per share because inclusion of average unrecognized compensation expense in the calculation would cause the performance units to be antidilutive.