Note 9 - Earnings Per Share

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

(9) 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 109,286 and 47,859 options of Common Stock for the three-month periods ended March 31, 2021 and 2020, 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, 2021			For the Three Months Ended March 31, 2020
	(In thousands)
Numerator for net income per share – basic:	$	9,232		$	11,755
Net income
Allocation of distributed and undistributed income to unvested restricted stock shareholders		(6	)		(23	)
Net income attributable to common shareholders		9,226			11,732
Denominator for net income per share – basic:
Weighted average common shares outstanding – basic		25,414			24,972
Net income per share – basic	$	0.36		$	0.47
Numerator for net income per share – diluted:
Net income attributable to common shareholders for basic computation		9,226			11,732
Denominator for net income per share – diluted:
Weighted average common shares outstanding – basic		25,414			24,972
Weighted average effect of dilutive securities – stock options		254			753
Denominator for diluted earnings per share – adjusted weighted average shares		25,668			25,725
Net income per share - diluted	$	0.36		$	0.46