Note 2 - Income Per Share

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

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. There were approximately 167,000 and 132,000 shares issuable upon conversion of unvested restricted shares for the three months ended  March 31, 2022 and March 31, 2021, respectively. There were 153,000 unvested shares excluded from the calculation of diluted earnings per share because the performance targets were not achieved as of March 31, 2022. However, no unvested shares have been excluded from the calculation of diluted earnings per share as anti-dilutive for either of the three months ended March 31, 2022 and 2021. There were no shares issuable upon conversion of unvested employee stock options for the three months ended  March 31, 2022 and March 31, 2021, respectively. There were 196,000 unvested employee stock options excluded from the calculation of diluted earnings per share because the performance targets were not achieved as of March 31, 2022. Additionally, no unvested employee stock options were anti-dilutive for the three months ended March 31, 2022 and March 31, 2021, respectively. 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,
	2022		2021
Numerators:
Income from continuing operations	$	22,167	$	8,581
Income from discontinued operations		-		2,559
Net income	$	22,167	$	11,140
Denominator:
Denominator for basic income per share – weighted-average shares		16,602		16,954
Effect of dilutive securities:
Equivalent shares issuable upon conversion of unvested restricted shares		167		132
Equivalent shares issuable upon conversion of unvested employee stock options		-		-
Denominator for diluted income per share adjusted weighted-average shares and assumed conversions		16,769		17,086
Basic income per share:
Income from continuing operations	$	1.34	$	0.51
Income from discontinued operations		-		0.15
Net income	$	1.34	$	0.66
Diluted income per share:
Income from continuing operations	$	1.32	$	0.50
Income from discontinued operations		-		0.15
Net income	$	1.32	$	0.65