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Note 2 - Earnings Per Common Share
 3 Months Ended
Mar. 31, 2025
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)

  

2025

    

2024

  

Numerator:

                

Net income

   $ 4,335     $ 9,646  

Denominator:

                

Basic earnings per common share - weighted-average shares

     81,493       81,350  

Effect of dilutive stock options

     15       87  

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

     81,508       81,437  
                 

Basic earnings per common share

   $ 0.05     $ 0.12  

Diluted earnings per common share

   $ 0.05     $ 0.12  

 

Options totaling 605,371 and 524,900 equivalent shares for the three-month periods ended March 31, 2025 and March 31, 2024, 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 114,276 and 82,788 equivalent shares for the three-month periods ended March 31, 2025 and March 31, 2024, 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.