v3.26.3
Note 3 - Earnings Per Common Share
 9 Months Ended
Sep. 30, 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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(dollars in thousands, except for per share data)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Net income available to common stockholders

 

$29,890

 

 

$39,467

 

 

$106,362

 

 

$36,398

 

Earnings allocated to participating securities

 

 

(67)

 

 

(88

)

 

 

(227)

 

 

(87

)

Income attributable to common stock

 

$29,823

 

 

$39,379

 

 

$106,135

 

 

$36,311

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, including participating securities

 

 

50,307

 

 

 

50,273

 

 

 

50,281

 

 

 

43,628

 

Weighted average participating securities

 

 

(111)

 

 

(112)

 

 

(107)

 

 

(105)

Weighted average common shares outstanding

 

 

50,196

 

 

 

50,161

 

 

 

50,174

 

 

 

43,523

 

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

 

 

261

 

 

 

302

 

 

 

248

 

 

 

223

 

Weighted average common and equivalent shares outstanding

 

 

50,457

 

 

 

50,463

 

 

 

50,422

 

 

 

43,746

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$0.59

 

 

$0.79

 

 

$2.12

 

 

$0.83

 

Diluted

 

 

0.59

 

 

 

0.78

 

 

 

2.10

 

 

 

0.83

 

 

There were no anti-dilutive share equivalents for the three and nine months ended September 30, 2026 and 2025.