Note 2 - Income Per Share

3 Months Ended

Mar. 31, 2024

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 79,000 shares issuable upon conversion of unvested restricted shares for the three months ended March 31, 2024, and 288,000 shares issuable upon conversion of unvested restricted shares for the three months ended March 31, 2023. There were no unvested shares excluded from the calculation of diluted earnings per share as anti-dilutive for either of the three months ended March 31, 2024 and 2023. There were 634,000 shares issuable upon conversion of unvested employee stock options for the three months ended March 31, 2024 and 228,000 shares issuable upon conversion of unvested employee stock options for the three months ended March 31, 2023. There were no unvested employee stock options excluded from the calculation of diluted earnings per share as anti-dilutive for the three months ended March 31, 2024, and 51,000 unvested employee stock options excluded from the calculation of diluted earnings per share as anti-dilutive for the three months ended March 31, 2023. 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,
	2024		2023
Numerators:
Income from continuing operations	$	3,824	$	16,485
Income from discontinued operations		150		150
Net income	$	3,974	$	16,635
Denominator:
Denominator for basic income per share – weighted-average shares		13,087		13,361
Effect of dilutive securities:
Equivalent shares issuable upon conversion of unvested restricted shares		79		288
Equivalent shares issuable upon conversion of unvested employee stock options		634		228
Denominator for diluted income per share adjusted weighted-average shares and assumed conversions		13,800		13,877
Basic income per share(1):
Income from continuing operations	$	0.29	$	1.23
Income from discontinued operations		0.01		0.01
Net income per share	$	0.30	$	1.25
Diluted income per share:
Income from continuing operations	$	0.28	$	1.19
Income from discontinued operations		0.01		0.01
Net income per share	$	0.29	$	1.20

⁽¹⁾ Total may not sum due to rounding.