Note 9 - Net Income Per Share

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net income used in the computation of basic and diluted net income per share (in thousands)	$	4,577	$	15,174	$	15,055	$	18,541
Weighted average shares outstanding - basic		15,433,412		15,016,062		15,327,374		15,020,457
Dilutive common stock equivalents		654,324		155,024		712,231		165,535
Weighted average shares outstanding - diluted		16,087,736		15,171,086		16,039,605		15,185,992
Net income per share:
Basic	$	0.30	$	1.01	$	0.98	$	1.23
Diluted	$	0.28	$	1.00	$	0.94	$	1.22

Awards to purchase 145,950 and 442,931 shares of common stock with weighted average exercise prices of $25.79 and $19.06 per share were outstanding during the three months ended June 30, 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.

Awards to purchase 139,075 and 446,061 shares of common stock with weighted average exercise prices of $25.77 and $19.07 per share were outstanding during the six months ended June 30, 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.