Note 8 - Earnings Per Share

9 Months Ended

Sep. 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 64,772 and 27,284 options of Common Stock for the three-month periods ended September 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 56,812 and 12,493 options of Common Stock for the nine-month periods ended September 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 September 30						For the Nine Months Ended September 30
	2020			2019			2020			2019
	(In thousands, except per share data)
Numerator for net income per share – basic:	$	9,578		$	8,119		$	29,048		$	23,708
Net income
Allocation of distributed and undistributed income to unvested restricted stock shareholders		(17	)		(27	)		(55	)		(80	)
Net income attributable to common shareholders		9,561			8,092			28,993			23,628
Denominator for net income per share – basic:
Weighted average common shares outstanding – basic		25,219			24,827			25,113			24,794
Net income per share – basic	$	0.38		$	0.33		$	1.15		$	0.95
Numerator for net income per share – diluted:
Net income attributable to common shareholders for basic computation		9,561			8,092			28,993			23,628
Denominator for net income per share – diluted:
Weighted average common shares outstanding – basic		25,219			24,827			25,113			24,794
Weighted average effect of dilutive securities – stock options		485			914			588			830
Denominator for diluted earnings per share – adjusted weighted average shares		25,704			25,741			25,701			25,624
Net income per share - diluted	$	0.37		$	0.31		$	1.13		$	0.92