Quarterly report pursuant to Section 13 or 15(d)

Note 8 - Earnings Per Share

Note 8 - Earnings Per Share

3 Months Ended

Sep. 30, 2020

Note 8. Earnings Per Share:

The following table reflects the calculation of basic and diluted earnings per share (in thousands, except per share amounts):

	Quarter Ended September 30,
	2020			2019
Earnings per share – basic:
Net Income	$	33,395		$	14,398
Income allocated to participating securities		(21	)		(11	)
Income available to common shareholders	$	33,374		$	14,387
Weighted-average shares outstanding		38,536			38,032
Earnings per share-basic	$	0.87		$	0.38

Earnings per share – diluted:
Net Income	$	33,395		$	14,398
Income allocated to participating securities		(21	)		(11	)
Income available to common shareholders	$	33,374		$	14,387
Weighted average common shares outstanding-basic		38,536			38,032
Dilutive effect of stock options and restricted stock units		1,489			1,221
Weighted average common shares outstanding-diluted		40,025			39,253
Earnings per share-diluted	$	0.83		$	0.37

The dilutive effect of stock options and restricted stock units in the above table excludes all options for which the aggregate exercise proceeds exceeded the average market price for the period. The number of potentially dilutive option shares excluded from the calculation was 1.5 million and 1.2 million for the quarter ended September 30, 2020 and 2019, respectively.