Note 9 - Earnings Per Share

9 Months Ended

Sep. 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 145,736 and 64,772 options of Common Stock for the three-month periods ended September 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 122,171 and 56,812 options of Common Stock for the nine-month periods ended September 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 September 30						For the Nine Months Ended September 30
	2021			2020			2021			2020
	(In thousands, except per share data)
Numerator for net income per share – basic:	$	9,657		$	9,578		$	27,833		$	29,048
Net income
Allocation of distributed and undistributed income to unvested restricted stock shareholders		(5	)		(17	)		(14	)		(55	)
Net income attributable to common shareholders		9,652			9,561			27,819			28,993
Denominator for net income per share – basic:
Weighted average common shares outstanding – basic		25,427			25,219			25,423			25,113
Net income per share – basic	$	0.38		$	0.38		$	1.09		$	1.15
Numerator for net income per share – diluted:
Net income attributable to common shareholders for basic computation		9,652			9,561			27,819			28,993
Denominator for net income per share – diluted:
Weighted average common shares outstanding – basic		25,427			25,219			25,423			25,113
Weighted average effect of dilutive securities – stock options		223			485			232			588
Denominator for diluted earnings per share – adjusted weighted average shares		25,650			25,704			25,655			25,701
Net income per share - diluted	$	0.38		$	0.37		$	1.08		$	1.13