Note 3 - Computation of Net Income (Loss) Per Share

9 Months Ended

Oct. 31, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

3. COMPUTATION OF NET INCOME (LOSS) PER SHARE

The following table sets forth the computation of basic and diluted net income (loss) per share:

	Three Months Ended						Nine Months Ended
	October 31,						October 31,
	2020			2019			2020			2019
	(in thousands, except per share data)						(in thousands, except per share data)
Net income (loss)	$	3,213		$	125		$	2,863		$	(16,359	)
Less: Dividends declared		(1,451	)		(1,426	)		(4,330	)		(4,187	)
Undistributed net income (loss)	$	1,762		$	(1,301	)	$	(1,467	)	$	(20,546	)
Net income (loss) per share – Class A Common Stock
Dividends declared	$	1,251		$	1,226		$	3,732		$	3,596
Allocation of undistributed net income (loss)		1,519			(1,119	)		(1,262	)		(17,641	)
Net income (loss) attributable to Class A common stock	$	2,770		$	107		$	2,470		$	(14,045	)
Weighted average shares of Class A common stock outstanding— basic		17,367			16,918			17,242			16,586
Weighted average potential shares of Class A common stock		497			877			595			—
Weighted average shares of Class A common stock and potential common shares outstanding— diluted		17,864			17,795			17,837			16,586
Basic net income (loss) per Class A common share	$	0.16		$	0.01		$	0.14		$	(0.85	)
Diluted net income (loss) per Class A common share	$	0.16		$	0.01		$	0.14		$	(0.85	)
Net income (loss) per share – Class B Common Stock
Dividends declared	$	200		$	200		$	598		$	591
Allocation of undistributed net income (loss)		243			(182	)		(205	)		(2,905	)
Net income (loss) attributable to Class B common stock	$	443		$	18		$	393		$	(2,314	)
Weighted average shares of Class B common stock outstanding— basic		3,330			3,308			3,324			3,279
Weighted average potential shares of Class B common stock		57			90			65			—
Weighted average shares of Class B common stock and potential common shares outstanding— diluted		3,387			3,398			3,389			3,279
Basic net income (loss) per Class B common share	$	0.13		$	0.01		$	0.12		$	(0.71	)
Diluted net income (loss) per Class B common share	$	0.13		$	0.01		$	0.12		$	(0.71	)

Potential common shares consist of the shares issuable upon the release of restricted stock units (RSUs) and performance stock units (PSUs) and the exercise of stock appreciation rights (SARs). The Company’s unvested RSUs and PSUs, and unexercised SARs are not considered participating securities as they do not have rights to dividends or dividend equivalents prior to release or exercise.

The following table sets forth the number of potential common shares not included in the calculation of diluted earnings per share because their effects were anti-dilutive:

	Three Months Ended				Nine Months Ended
	October 31,				October 31,
	2020		2019		2020		2019
	(in thousands)				(in thousands)
Class A		304		368		202		2,695
Class B		—		—		—		244