Note 9 - Earnings Per Share

6 Months Ended

Jun. 30, 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 103,704 and 57,719 options of Common Stock for the three-month periods ended June 30, 2021 and 2020, respectively which have been excluded from the diluted net income per share computation because their inclusion would be anti-dilutive. We had 108,343 and 52,789 options of Common Stock for the six-month periods ended June 30, 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 June 30						For the Six Months Ended June 30
	2021			2020			2021			2020
	(In thousands, except per share data)
Numerator for net income per share – basic:	$	8,944		$	7,715		$	18,176		$	19,470
Net income
Allocation of distributed and undistributed income to unvested restricted stock shareholders		(5	)		(15	)		(10	)		(38	)
Net income attributable to common shareholders		8,939			7,700			18,166			19,432
Denominator for net income per share – basic:
Weighted average common shares outstanding – basic		25,426			25,148			25,420			25,060
Net income per share – basic	$	0.35		$	0.31		$	0.71		$	0.78
Numerator for net income per share – diluted:
Net income attributable to common shareholders for basic computation		8,939			7,700			18,166			19,432
Denominator for net income per share – diluted:
Weighted average common shares outstanding – basic		25,426			25,148			25,420			25,060
Weighted average effect of dilutive securities – stock options		219			532			236			642
Denominator for diluted earnings per share – adjusted weighted average shares		25,645			25,680			25,656			25,702
Net income per share - diluted	$	0.35		$	0.30		$	0.71		$	0.76