Note 2 - Income Per Share

3 Months Ended

Mar. 31, 2016

Note 2.

Income

Per Share

Basic income per share excludes dilution and is computed by dividing earnings available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted income per share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings. The calculation of diluted income per share excludes a de minimis number of unvested shares since the effect of any assumed exercise of the related awards would be anti-dilutive for the three months ended March 31, 2016. There were no outstanding stock options at March 31, 2016. Income per share is the same for both Class A and Class B shares.

The following table sets forth for the periods indicated the calculation of net income per share included in the condensed consolidated statements of operations:

(in thousands except per share data)	Three Months ended March 31,
	2016		2015
Numerator:
Net income	$	3,797	$	10,227
Denominator:
Denominator for basic earnings per share – weighted-average shares		18,147		18,145
Effect of dilutive securities:
Equivalent shares issuable upon conversion of unvested restricted stock		125		147
Equivalent shares issuable upon conversion of unvested employee stock options		-		15
Denominator for diluted earnings per share – adjusted weighted-average shares and assumed conversions		18,272		18,307

Basic and diluted income per share:	$	0.21	$	0.56