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Note 12 - Earnings Per Share | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Earnings Per Share [Text Block] |
12. | Earnings per Share
​ Basic earnings per share of common stock is computed by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. As the Company has granted certain equity awards that both participate in dividend equivalents and do not participate in dividend equivalents, the Company has calculated earnings per share pursuant to the two‑class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities according to dividends declared and participation rights in undistributed earnings. All outstanding nonvested shares that contain non-forfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities and are included in computing earnings per share pursuant to the two-class method. Potential common shares in the diluted earnings per share computation are excluded to the extent that they would be anti-dilutive.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |  |  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Basic earnings per common share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 32,258 |  |  | $ | 5,792 |  |  | $ | 48,244 |  |  | $ | 16,646 |
Less: Distributed and undistributed earnings allocated to nonvested shares |  |  | 672 |  |  |  | 128 |  |  |  | 882 |  |  |  | 368 |
Net income allocated to common shareholders |  | $ | 31,586 |  |  | $ | 5,664 |  |  | $ | 47,362 |  |  | $ | 16,278 |
Weighted average common shares outstanding |  |  | 23,094,047 |  |  |  | 22,983,965 |  |  |  | 23,065,924 |  |  |  | 22,955,388 |
|  | $ | 1.37 |  |  | $ | 0.25 |  |  | $ | 2.05 |  |  | $ | 0.71 |
Diluted earnings per common share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income allocated to common shareholders - basic |  | $ | 31,586 |  |  | $ | 5,664 |  |  | $ | 47,362 |  |  | $ | 16,278 |
Add: Undistributed earnings allocated to nonvested shareholders |  |  | 519 |  |  |  | - |  |  |  | 479 |  |  |  | - |
Net income allocated to common shareholders - diluted |  | $ | 32,105 |  |  | $ | 5,664 |  |  | $ | 47,841 |  |  | $ | 16,278 |
Weighted average common shares outstanding - basic |  |  | 23,094,047 |  |  |  | 22,983,965 |  |  |  | 23,065,924 |  |  |  | 22,955,388 |
Dilutive effect of participating securities |  |  | 483,836 |  |  |  | - |  |  |  | 410,115 |  |  |  | - |
Weighted average common shares outstanding - diluted |  |  | 23,577,883 |  |  |  | 22,983,965 |  |  |  | 23,476,039 |  |  |  | 22,955,388 |
|  | $ | 1.36 |  |  | $ | 0.24 |  |  | $ | 2.04 |  |  | $ | 0.69 |
​

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