Note 9 - Net Income Per Share

3 Months Ended

Mar. 31, 2023

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, nonvested shares of restricted stock and nonvested 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 periods presented:

	Three Months Ended March 31,
	2023		2022
Net income used in the computation of basic and diluted net income per share (in thousands)	$	888	$	5,230
Weighted average shares outstanding - basic		15,882,994		15,679,027
Dilutive common stock equivalents		235,335		486,241
Weighted average shares outstanding - diluted		16,118,329		16,165,268
Net income per share:
Basic	$	0.06	$	0.33
Diluted	$	0.06	$	0.32

Awards to purchase 1,008,972 and 415,529 shares of common stock with weighted average exercise prices of $17.03 and $23.29 per share were outstanding during the three months ended March 31, 2023 and 2022, 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.