Note 8 - Earnings Per Share

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

( 8 ) EARNINGS PER SHARE

Basic net income per share was computed using the weighted-average number of common shares outstanding during the period.

Diluted net income per share was computed using the weighted-average number of common shares and, if dilutive, the potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and vesting of restricted stock. The dilutive effect of outstanding stock options is reflected in diluted earnings per share by application of the treasury stock method.

We had

47,859

and

137,453

options of Common Stock for the

three

-month periods ended

March 31, 2020

and

2019,

respectively which have been excluded from the diluted net income per share computation because their inclusion would be anti-dilutive.

	For the Three Months Ended March 31, 2020			For the Three Months Ended March 31, 2019
	(In thousands)
Numerator for net income per share – basic:	$	11,755		$	8,196
Net income
Allocation of distributed and undistributed income to unvested restricted stock shareholders		(23	)		(28	)
Net income attributable to common shareholders		11,732			8,168
Denominator for net income per share – basic:
Weighted average common shares outstanding – basic		24,972			24,766
Net income per share – basic	$	0.47		$	0.33
Numerator for net income per share – diluted:
Net income attributable to common shareholders for basic computation		11,732			8,168
Denominator for net income per share – diluted:
Weighted average common shares outstanding – basic		24,972			24,766
Weighted average effect of dilutive securities – stock options		753			743
Denominator for diluted earnings per share – adjusted weighted average shares		25,725			25,509
Net income per share - diluted	$	0.46		$	0.32