Note 9 - Earnings Per Share

6 Months Ended

Jun. 30, 2022

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 305,985 and 103,704 options of Common Stock for the three-month periods ended June 30, 2022 and 2021, respectively which have been excluded from the diluted net income per share computation because their inclusion would be anti-dilutive. We had 287,655 and 108,343 options of Common Stock for the six-month periods ended June 30, 2022 and 2021, 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
	2022			2021			2022			2021
	(In thousands, except per share data)
Numerator for net income per share – basic:	$	8,322		$	8,944		$	16,861		$	18,176
Net income
Allocation of distributed and undistributed income to unvested restricted stock shareholders		(4	)		(5	)		(9	)		(10	)
Net income attributable to common shareholders		8,318			8,939			16,852			18,166
Denominator for net income per share – basic:
Weighted average common shares outstanding – basic		25,083			25,426			25,166			25,420
Net income per share – basic	$	0.33		$	0.35		$	0.67		$	0.71
Numerator for net income per share – diluted:
Net income attributable to common shareholders for basic computation		8,318			8,939			16,852			18,166
Denominator for net income per share – diluted:
Weighted average common shares outstanding – basic		25,083			25,426			25,166			25,420
Weighted average effect of dilutive securities – stock options		128			219			134			236
Denominator for diluted earnings per share – adjusted weighted average shares		25,211			25,645			25,300			25,656
Net income per share - diluted	$	0.33		$	0.35		$	0.67		$	0.71