Note 9 - Net Income Per Share

3 Months Ended

Mar. 31, 2022

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, 2022 and 2021:

	Three Months Ended March 31,
	2022		2021
Net income used in the computation of basic and diluted net income per share (in thousands)	$	5,230	$	10,478
Weighted average shares outstanding - basic		15,679,027		15,221,336
Dilutive common stock equivalents		486,241		770,138
Weighted average shares outstanding - diluted		16,165,268		15,991,474
Net income per share:
Basic	$	0.33	$	0.69
Diluted	$	0.32	$	0.66

Awards to purchase 415,529 and 132,200 shares of common stock with weighted average exercise prices of $23.29 and $25.75 per share were outstanding during the three months ended March 31, 2022 and 2021, 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.