v3.26.1
Note 3 - Earnings Per Common Share
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 3. Earnings per Common Share

 

The Company calculates earnings per share (“EPS”) in accordance with FASB ASC 260-10-45. The restricted stock awards granted by the Company contain non-forfeitable rights to dividends and are therefore considered participating securities. Under the two-class method, basic EPS is calculated by excluding dividends paid to participating securities and any undistributed earnings attributable to those securities.

 

Earnings per common share have been computed based on the following:

 

  

Three Months Ended

 
  

March 31,

 

(dollars in thousands, except for per share data)

 

2026

  

2025

 

Net income available to common stockholders

 $36,313  $18,733 

Earnings allocated to participating securities

  (76)  (50)

Income attributable to common stock

 $36,237  $18,683 
         

Weighted average common shares outstanding, including participating securities

  50,251   38,373 

Weighted average participating securities

  (106)  (103)

Weighted average common shares outstanding

  50,145   38,270 

Incremental shares from assumed conversions of options, performance units and restricted shares

  237   241 

Weighted average common and equivalent shares outstanding

  50,382   38,511 
         

Earnings per common share:

        

Basic

 $0.72  $0.49 

Diluted

  0.72   0.49 

 

There were no antidilutive share equivalents during the three months ended March 31, 2026 and  March 31, 2025.