Note 8 - Earnings Per Share

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

(8) EARNINGS PER SHARE

Basic net income per share was computed using the weighted-average shares of common stock outstanding during the period.

Diluted net income per share was computed using the weighted-average shares of common stock and, if dilutive, the potential common stock outstanding during the period. Potential shares of common stock consist of the incremental common stock 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 275,064 and 343,414 options of common stock for the three-month periods ended September 30, 2023 and 2022, respectively, which have been excluded from the diluted net income per share computation because their inclusion would be anti-dilutive. We had 268,838 and 306,446 options of common stock for the nine-month periods ended September 30, 2023 and 2022, 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
	2023			2022			2023			2022
	(In thousands, except per share data)
Numerator for net income per share – basic:
Net income	$	7,876		$	8,298		$	22,113		$	25,159
Allocation of distributed and undistributed income to unvested restricted stock shareholders		(2	)		(4	)		(5	)		(12	)
Net income attributable to common shareholders		7,874			8,294			22,108			25,147
Denominator for net income per share – basic:
Weighted average common shares outstanding – basic		24,560			24,716			24,574			25,014
Net income per share – basic	$	0.32		$	0.34		$	0.90		$	1.01
Numerator for net income per share – diluted:
Net income attributable to common shareholders for basic computation		7,874			8,294			22,108			25,147
Denominator for net income per share – diluted:
Weighted average common shares outstanding – basic		24,560			24,716			24,574			25,014
Weighted average effect of dilutive securities – stock options		135			131			141			133
Denominator for diluted earnings per share – adjusted weighted average shares		24,695			24,847			24,715			25,147
Net income per share - diluted	$	0.32		$	0.33		$	0.89		$	1.00