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Note 2 - Earnings Per Common Share

9 Months Ended

Sep. 30, 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								Nine Months
		Ended September 30,								Ended September 30,
(In thousands, except per share amounts)		2024				2023				2024				2023
Numerator:
Net income		$	3,754			$	13,598			$	21,289			$	57,974
Denominator:
Basic earnings per common share - weighted-average shares			81,437				81,306				81,389				81,260
Effect of dilutive stock options			55				148				71				154
Diluted earnings per common share - weighted-average shares and assumed conversions			81,492				81,454				81,460				81,414

Basic earnings per common share		$	0.05			$	0.17			$	0.26			$	0.71
Diluted earnings per common share		$	0.05			$	0.17			$	0.26			$	0.71

Options totaling 522,300 and 518,200 equivalent shares for the three-month and nine-month periods ended September 30, 2024, respectively, and 157,000 equivalent shares for each of the three-month and nine-month periods ended September 30, 2023, 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 141,320 equivalent shares for each of the three-month and nine-month periods ended September 30, 2024, and 106,582 equivalent shares for each of the three-month and nine-month periods ended September 30, 2023, 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.