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Note 6 - Earnings Per Common Share

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

6. Earnings per Common Share

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

(In thousands, except per share amounts)		2022				2021				2020
Numerator:
Net income		$	110,354			$	85,428			$	69,500
Denominator:
Basic earnings per common share - weighted-average shares			81,692				82,872				82,527
Effect of dilutive stock options			267				536				637
Diluted earnings per common share - weighted-average shares and assumed conversions			81,959				83,408				83,164
Basic earnings per common share		$	1.35			$	1.03			$	0.84
Diluted earnings per common share		$	1.35			$	1.02			$	0.84

Options totaling 541,500, 605,550, and 266,650 equivalent shares were outstanding but were not included in the calculation of diluted earnings per share for 2022, 2021 and 2020, respectively, 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 (see Note 11) totaling 16,632, 71,734 and 46,705 equivalent shares for 2022, 2021 and 2020, 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.