Note 2 - Income Per Share

6 Months Ended

Jun. 30, 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 237,000 and 252,000 shares issuable upon conversion of unvested restricted shares for the three and six months ended  June 30, 2022, respectively, and 257,000 and 194,000 shares issuable upon conversion of unvested restricted shares for the three and six months ended  June 30, 2021, respectively. There were no unvested shares excluded from the calculation of diluted earnings per share as anti-dilutive for either of the three and six months ended June 30, 2022 and 2021. There were 10,000 and 11,000 shares issuable upon conversion of unvested employee stock options for the three and six months ended  June 30, 2022 and no shares issuable upon conversion of unvested employee stock options for the three and six months ended  June 30, 2021, respectively. There were 33,000 unvested employee stock options excluded from the calculation of diluted earnings per share as anti-dilutive for the three and six months ended June 30, 2022 and no unvested employee stock options excluded from the calculation of diluted earnings per share as anti-dilutive for the three and six months ended June 30, 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					Six Months Ended
	June 30,					June 30,
	2022		2021			2022		2021
Numerators:
Income from continuing operations	$	24,526	$	15,436		$	46,693	$	24,019
(Loss) income from discontinued operations		-		(19	)		-		2,540
Net income	$	24,526	$	15,417		$	46,693	$	26,559
Denominator:
Denominator for basic income per share – weighted-average shares		15,514		16,765			16,058		16,858
Effect of dilutive securities:
Equivalent shares issuable upon conversion of unvested restricted shares		237		257			252		194
Equivalent shares issuable upon conversion of unvested employee stock options		10		-			11		-
Denominator for diluted income per share adjusted weighted-average shares and assumed conversions		15,761		17,022			16,321		17,052
Basic income per share:
Income from continuing operations	$	1.58	$	0.92		$	2.91	$	1.42
(Loss) income from discontinued operations		-		-			-		0.15
Net income	$	1.58	$	0.92		$	2.91	$	1.58
Diluted income per share:
Income from continuing operations	$	1.56	$	0.91		$	2.86	$	1.41
(Loss) income from discontinued operations		-		-			-		0.15
Net income	$	1.56	$	0.91		$	2.86	$	1.56