Note 14 - Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 14 – Net Income (Loss) 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 years ended December 31, 2022 and 2021:

	Years Ended December 31,
	2022			2021
Net income used in the computation of basic and diluted net income per share (in thousands)	$	(31,970	)	$	29,440
Weighted average shares outstanding - basic		15,764,859			15,438,849
Dilutive common stock equivalents		-			652,221
Weighted average shares outstanding - diluted		15,764,859			16,091,070
Net income per share:
Basic	$	(2.03	)	$	1.91
Diluted	$	(2.03	)	$	1.83

Diluted weighted average shares outstanding excludes shares of common stock of 400,381 for the year ended December 31, 2022 as their inclusion would have been antidilutive given the Company’s net loss.

Awards to purchase 687,117 and 171,522 shares of common stock with weighted average exercise prices of $21.06 and $25.42, were outstanding during the years ended December 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.