Note 9 - Net Income Per Share

3 Months Ended

Mar. 31, 2021

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 months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
	2021		2020
Net income used in the computation of basic and diluted net income per share (in thousands)	$	10,478	$	3,367
Weighted average shares outstanding - basic		15,221,336		15,024,851
Dilutive common stock equivalents		770,138		176,047
Weighted average shares outstanding - diluted		15,991,474		15,200,898
Net income per share:
Basic	$	0.69	$	0.22
Diluted	$	0.66	$	0.22

Awards to purchase 132,200 and 449,191 shares of common stock with weighted average exercise prices of $25.75 and $19.07 per share were outstanding during the three months ended March 31, 2021 and 2020, 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.