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Note 2 - Earnings Per Common Share

6 Months Ended

Jun. 30, 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								Six Months
		Ended June 30,								Ended June 30,
(In thousands, except per share amounts)		2020				2019				2020				2019
Numerator:
Net income		$	18,134			$	15,190			$	31,852			$	28,736
Denominator:
Basic earnings per common share - weighted-average shares			55,018				54,616				54,914				54,585
Effect of dilutive stock options			404				465				431				470
Diluted earnings per common share - weighted-average shares and assumed conversions			55,422				55,081				55,345				55,055

Basic earnings per common share		$	0.33			$	0.28			$	0.58			$	0.53
Diluted earnings per common share		$	0.33			$	0.28			$	0.58			$	0.52

Pro forma basic and diluted earnings per common share to show the effect of the three-for-two stock split payable on August 13, 2020 (see Note 16) is computed as follows:

		Three Months								Six Months
		Ended June 30,								Ended June 30,
(In thousands, except per share amounts)		2020				2019				2020				2019
Numerator:
Net income		$	18,134			$	15,190			$	31,852			$	28,736
Denominator:
Pro forma basic earnings per common share - weighted-average shares			82,527				81,924				82,371				81,877
Pro forma effect of dilutive stock options			606				697				647				705
Pro forma diluted earnings per common share - weighted-average shares and assumed conversions			83,133				82,621				83,018				82,582

Pro forma basic earnings per common share		$	0.22			$	0.19			$	0.39			$	0.35
Pro forma diluted earnings per common share		$	0.22			$	0.18			$	0.38			$	0.35

Options totaling 187,300 and 200,900 equivalent shares for the three-month and six-month periods ended June 30, 2020, respectively, and 317,800 equivalent shares for each of the three-month and six-month periods ended June 30, 2019, 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 66,658 equivalent shares for each of the three-month and six-month periods ended June 30, 2020, and 72,796 equivalent shares for each of the three-month and six-month periods ended June 30, 2019, 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.