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Note 6 - Earnings Per Common Share
 12 Months Ended
Dec. 31, 2024
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)

  

2024

    

2023

    

2022

  

Numerator:

                        

Net income

   $ 26,922     $ 70,373     $ 110,354  

Denominator:

                        

Basic earnings per common share - weighted-average shares

     81,406       81,272       81,692  

Effect of dilutive stock options

     66       141       267  

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

     81,472       81,413       81,959  

Basic earnings per common share

   $ 0.33     $ 0.87     $ 1.35  

Diluted earnings per common share

   $ 0.33     $ 0.86     $ 1.35  

 

Options totaling 504,500, 173,300 and 541,500 equivalent shares were outstanding but were not included in the calculation of diluted earnings per share for 2024, 2023 and 2022, 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 10) totaling 112,250, 106,582 and 16,632 equivalent shares for 2024, 2023 and 2022, 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.