Note 9 - Net Income Per Share

3 Months Ended

Mar. 31, 2020

NOTE

–

Net Income

Per Share:

The Company’s basic net income per share is computed based on the weighted average number of shares of common stock outstanding for the period. Diluted net income per share includes the effect of the Company’s outstanding stock options, stock appreciation rights, unvested shares of restricted stock and unvested performance shares, if the inclusion of these items is dilutive.

The following table presents a reconciliation of basic and diluted net income per share for the

three

months ended

March 31, 2020

and

2019

	Three Months Ended March 31,
	2020		2019
Net income used in the computation of basic and diluted net income per share (in thousands)	$	3,367	$	2,376

Weighted average shares outstanding - basic		15,024,851		14,927,341
Dilutive common stock equivalents		176,047		335,313
Weighted average shares outstanding - diluted		15,200,898		15,262,654
Net income per share:
Basic	$	0.22	$	0.16
Diluted	$	0.22	$	0.16

Awards to purchase approximately

449,191

and

341,995

shares of common stock with weighted average exercise prices of

$19.07

and

$20.99

per share were outstanding during the

three

months ended

March 31, 2020

and

2019

, respectively, but were

not

included in the computation of diluted net income per share because the awards’ exercise prices were greater than the average market price of the common shares.