Note 9 - Net Income Per Share

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 9 – 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 and six months ended June 30, 2020 and 2019:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Net income used in the computation of basic and diluted net income per share (in thousands)	$	15,174	$	2,781	$	18,541	$	5,157
Weighted average shares outstanding - basic		15,016,062		14,952,802		15,020,457		14,940,072
Dilutive common stock equivalents		155,024		334,555		165,535		334,934
Weighted average shares outstanding - diluted		15,171,086		15,287,357		15,185,992		15,275,006
Net income per share:
Basic	$	1.01	$	0.19	$	1.23	$	0.35
Diluted	$	1.00	$	0.18	$	1.22	$	0.34

Awards to purchase 442,931 and 316,095 shares of common stock with weighted average exercise prices of $19.06 and $20.95 per share were outstanding during the three months ended June 30, 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.

Awards to purchase 446,061 and 329,095 shares of common stock with weighted average exercise prices of $19.07 and $20.97 per share were outstanding during the six months ended June 30, 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.