EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2022

EARNINGS PER SHARE

Note 8 - Earnings Per Share

NOTE 9 – EARNINGS PER SHARE

Basic earnings per share is calculated based on the weighted average number of common shares outstanding during each period.  Diluted earnings per share is calculated based on these same weighted average shares outstanding plus the effect of potential shares issuable upon assumed exercise of stock options based on the treasury stock method. 

Potential shares issuable upon the exercise of stock options are excluded from the calculation of diluted earnings per share to the extent their effect would be anti-dilutive.

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended				Nine Months Ended
	September 30, 2022		September 30, 2021		September 30, 2022			September 30, 2021
(in thousands except per share data)
Numerator for basic and diluted
earnings (loss) per share:
Net income (loss)	$	847	$	12	($1,630		)	($350		)
Denominator for basic
earnings (loss) per share:
Weighted-average shares		8,816		8,621		8,715			8,519
Employee stock options and awards		43		139		-			-
Denominator for diluted
earnings (loss) per share:
Adjusted weighted-average shares &
assumed conversions of stock options		8,859		8,760		8,715			8,519
Basic and diluted
earnings (loss) per share:
Basic earnings (loss) per share	$	0.10	$	0.00	($0.19		)	($0.04		)
Diluted earnings (loss) per share	$	0.10	$	0.00	($0.19		)	($0.04		)

Options to purchase 12,500 shares were outstanding as of both September 30, 2022 and 2021, but were excluded from the computation of diluted earnings per share for the periods then ended because the options were anti-dilutive.