Note 8 - Earnings Per Share

6 Months Ended

Jun. 30, 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 57,719 and 83,225 options of Common Stock for the three-month periods ended June 30, 2020 and 2019, respectively which have been excluded from the diluted net income per share computation because their inclusion would be anti-dilutive. We had 52,789 and 143,247 options of Common Stock for the six-month periods ended June 30, 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 June 30						For the Six Months Ended June 30
	2020			2019			2020			2019
	(In thousands, except per share data)
Numerator for net income per share – basic:	$	7,715		$	7,393		$	19,470		$	15,589
Net income
Allocation of distributed and undistributed income to unvested restricted stock shareholders		(15	)		(25	)		(38	)		(53	)
Net income attributable to common shareholders		7,700			7,368			19,432			15,536
Denominator for net income per share – basic:
Weighted average common shares outstanding – basic		25,148			24,789			25,060			24,777
Net income per share – basic	$	0.31		$	0.30		$	0.78		$	0.63
Numerator for net income per share – diluted:
Net income attributable to common shareholders for basic computation		7,700			7,368			19,432			15,536
Denominator for net income per share – diluted:
Weighted average common shares outstanding – basic		25,148			24,789			25,060			24,777
Weighted average effect of dilutive securities – stock options		532			797			642			772
Denominator for diluted earnings per share – adjusted weighted average shares		25,680			25,586			25,702			25,549
Net income per share - diluted	$	0.30		$	0.29		$	0.76		$	0.61