Note 6 - Earnings Per Share

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

6. EARNINGS PER SHARE

Basic earnings per share (“EPS”) is calculated using the average number of shares of common stock outstanding during each period. For the calculation of diluted shares, the Company assumes that restricted stock is outstanding on the date of vesting, and the Company assumes the issuance of shares from the exercise of stock options using the treasury stock method.

A reconciliation of reported net income (loss) to net income (loss) used in calculating EPS as well as a reconciliation from basic to diluted shares follows:

	Twelve Months Ended December 31,
	2023			2022			2021
	(in thousands)
Net income (numerator):
Income from continuing operations	$	60,369		$	51,962		$	81,934
Income from continuing operations attributable to unvested shares		(632	)		(594	)		(1,336	)
Numerator for basic		59,737			51,368			80,598
Loss from continuing operations attributable to unvested shares		1			3			—
Numerator for dilutive	$	59,737		$	51,371		$	80,598
Loss from discontinued operations, net of tax	$	(15	)	$	(72	)	$	(98	)
Loss from discontinued operations attributable to unvested shares		0			1			2
Numerator for basic		(15	)		(71	)		(96	)
(Income) loss from discontinued operations attributable to unvested shares		(0	)		—			—
Numerator for dilutive	$	(15	)	$	(71	)	$	(96	)
Net income	$	60,354		$	51,890		$	81,836
Net income attributable to unvested shares		(632	)		(593	)		(1,334	)
Numerator for basic		59,722			51,297			80,502
Net (income) loss attributable to unvested shares		1			3			—
Numerator for dilutive	$	59,723		$	51,300		$	80,502
Weighted average shares (denominator):
Basic weighted average shares outstanding		106,376			69,568			58,230
Effect of dilutive securities		178			414			525
Diluted weighted average shares outstanding		106,555			69,982			58,755
Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive		385			189			169