Note 9 - Net Income Per Share (Restated)

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 9 – Net Income Per Share (Restated):

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 nine months ended September 30, 2021 and 2020:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net income used in the computation of basic and diluted net income per share (in thousands)	$	8,196	$	9,944	$	25,051	$	28,485
Weighted average shares outstanding - basic		15,528,534		15,084,300		15,394,427		15,041,738
Dilutive common stock equivalents		571,316		626,822		665,259		319,297
Weighted average shares outstanding - diluted		16,099,850		15,711,122		16,059,686		15,361,035
Net income per share:
Basic	$	0.53	$	0.66	$	1.63	$	1.89
Diluted	$	0.51	$	0.63	$	1.56	$	1.85

Awards to purchase 251,989 and 152,110 shares of common stock with weighted average exercise prices of $24.88 and $23.26 per share were outstanding during the three months ended September 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 176,713 and 348,077 shares of common stock with weighted average exercise prices of $25.35 and $19.68 per share were outstanding during the nine months ended September 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.