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Note 10 - Earnings Per Share
3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Earnings Per Share [Text Block]
10
 
)
EARNINGS PER SHARE
 
In the
first
three
months ended
March 31, 2019,
FutureFuel used the treasury method in computing earnings per share as all shares with participating security holders had vested. During
2018,
FutureFuel had unvested participating shares and computed earnings per share using the
two
-class method in accordance with ASC Topic
No.
260,
Earnings per Share
.” The
two
-class method is an allocation of earnings between the holders of common stock and a company’s participating security holders. Outstanding unvested shares of restricted stock contain non-forfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the
two
-class method. There were
no
other participating securities at
March 31, 2019
or
2018.
 
Contingently issuable shares associated with outstanding service-based restricted stock units were
not
included in the earnings per share calculations for the
three
-month period ended
March 31, 2018
as the vesting conditions had
not
been satisfied. There were
no
outstanding service-based restricted stock units for the
three
months ended
March 31, 2019.
 
Basic and diluted earnings per common share were computed as follows: 
 
  
 
   
Three Months Ended March 31,
 
   
2019
   
2018
 
Numerator:
 
 
 
 
 
 
 
 
Net income
  $
5,499
    $
35,826
 
Less: distributed earnings allocated to non-vested stock
   
-
     
-
 
Less: undistributed earnings allocated to non-vested restricted stock
   
-
     
(23
)
Numerator for basic earnings per share
  $
5,499
    $
35,803
 
Effect of dilutive securities:
 
 
 
 
 
 
 
 
Add: undistributed earnings allocated to non-vested restricted stock
   
-
     
23
 
Less: undistributed earnings reallocated to non-vested restricted stock
   
-
     
(23
)
Numerator for diluted earnings per share
  $
5,499
    $
35,803
 
Denominator:
 
 
 
 
 
 
 
 
Weighted average shares outstanding – basic
   
43,743,243
     
43,716,670
 
Effect of dilutive securities:
 
 
 
 
 
 
 
 
Stock options and other awards
   
5,731
     
5,524
 
Weighted average shares outstanding – diluted
   
43,748,974
     
43,722,194
 
                 
Basic earnings per share
  $
0.13
    $
0.82
 
Diluted earnings per share
  $
0.13
    $
0.82
 
 
 
Certain options to purchase FutureFuel’s common stock were
not
included in the computation of diluted earnings per share for the
three
months ended
March 31, 2018 
because they were anti-dilutive in the period. The weighted average number of options excluded on this basis was
30,000
for the
three
-months ended
March 31, 2018. 
For the
three
months ended
March 31, 2019,
no
options were excluded on a weighted average basis.