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Note 2 - Earnings Per Common Share
 3 Months Ended
Mar. 31, 2024
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)

  

2024

    

2023

  

Numerator:

                

Net income

   $ 9,646     $ 22,502  

Denominator:

                

Basic earnings per common share - weighted-average shares

     81,350       81,210  

Effect of dilutive stock options

     87       166  

Diluted earnings per common share - weighted-average shares and assumed conversions

     81,437       81,376  
                 

Basic earnings per common share

   $ 0.12     $ 0.28  

Diluted earnings per common share

   $ 0.12     $ 0.28  

 

Options totaling 524,900 and 122,000 equivalent shares for the three-month periods ended March 31, 2024 and 2023, 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 82,788 and 49,560 equivalent shares for the three-month periods ended March 31, 2024 and 2023, 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.