Note 8 - Net Income Per Share

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 8 – 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,
	2024		2023
Net income used in the computation of basic and diluted net income per share (in thousands)	$	3,912	$	888
Weighted average shares outstanding - basic		16,028,032		15,882,994
Dilutive common stock equivalents		425,420		235,335
Weighted average shares outstanding - diluted		16,453,452		16,118,329
Net income per share:
Basic	$	0.24	$	0.06
Diluted	$	0.24	$	0.06

Awards to purchase 400,075 and 1,008,972 shares of common stock with weighted average exercise prices of $20.86 and $17.03 per share were outstanding during the three months ended March 31, 2024 and 2023, 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.