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Net Income per Common Share

6 Months Ended

Jun. 30, 2022

Net Income per Common Share [Abstract]

Net Income per Common Share

Note 5 – Net Income per Common Share

Basic net income per common share is computed by dividing net income less dividends on preferred stock by the weighted average number of shares of common stock outstanding. The diluted net income per common share is computed by adjusting the weighted average number of shares of common stock outstanding to include the effects of outstanding stock options, if dilutive, using the treasury stock method. Dilution is not applicable in periods of net loss. For the three months ended June 30, 2022 and 2021, the difference in the weighted average number of basic and diluted common shares was due solely to the effects of outstanding stock options. No adjustments to net income were necessary in calculating basic and diluted net income per share. For the three months ended June 30, 2022 and 2021, the weighted average number of outstanding options considered to be anti-dilutive were 0 and 8,410, respectively. For the six months ended June 30, 2022 and 2021, the weighted average number of outstanding options considered to be anti-dilutive were 0 and 14,723 , respectively.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations:

		For the Three Months Ended June 30,
		2022								2021
			Income		Shares			Per Share			Income		Shares			Per Share
			(Numerator)		(Denominator)			Amount			(Numerator)		(Denominator)			Amount
		(In Thousands, except per share data)
Basic earnings per share:
Income available to common stockholders		$	10,025		16,997		$	0.59		$	7,766		17,126		$	0.45
Effect of dilutive securities:
Stock options			-		407						-		156
Diluted earnings per share:
Income available to common stockholders		$	10,025		17,404		$	0.58		$	7,766		17,282		$	0.45

		For the Six Months Ended June 30,
		2022								2021
			Income		Shares			Per Share			Income		Shares			Per Share
			(Numerator)		(Denominator)			Amount			(Numerator)		(Denominator)			Amount
		(In Thousands, except per share data)
Basic earnings per share:
Income available to common stockholders		$	19,701		16,989		$	1.16		$	14,600		17,120		$	0.85
Effect of dilutive securities:
Stock options			-		386						-		137
Diluted earnings per share:
Income available to common stockholders		$	19,701		17,375		$	1.13		$	14,600		17,257		$	0.85

 

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-URI http://asc.fasb.org/topic&trid=2144383

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257

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