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Note 18 - Earnings Per Share

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 18 – EARNINGS PER SHARE

Basic earnings per share is based on the weighted average number of common shares and participating securities outstanding during the period. Diluted earnings per share include the dilutive effect of additional potential common shares issuable under our stock-based compensation plans and are determined using the treasury stock method. Our unvested restricted shares, which contain non-forfeitable rights to dividends whether paid or accrued (i.e., participating securities), are included in the number of shares outstanding for both basic and diluted earnings per share calculations. In the event of a net loss, our unvested restricted shares are excluded from the calculation of both basic and diluted earnings per share. Stock options for approximately 5,000, 7,000 and 9,000 shares of common stock were antidilutive and were not included in determining dilutive earnings per share in 2022, 2021 and 2020, respectively.

The factors used in the earnings per share computation follow:

		2022				2021				2020
Basic
Net income attributable to common shares		$	61,063,000			$	59,021,000			$	44,138,000

Weighted average common shares outstanding			15,859,889				15,986,857				16,268,689

Basic earnings per common share		$	3.85			$	3.69			$	2.71

Diluted
Net income attributable to common shares		$	61,063,000			$	59,021,000			$	44,138,000

Weighted average common shares outstanding for basic earnings per common share			15,859,889				15,986,857				16,268,689

Add: Dilutive effects of share-based awards			12				446				630

Average shares and dilutive potential common shares			15,859,901				15,987,303				16,269,319

Diluted earnings per common share		$	3.85			$	3.69			$	2.71