Net Income Per Share

9 Months Ended

Sep. 30, 2025

Basic net income per share is computed using the weighted-average number of outstanding shares of common stock. Diluted net income per share is computed using the weighted-average number of outstanding shares of common stock, and when dilutive, shares of common stock issuable upon exercise of options and warrants deemed outstanding using the treasury stock method.

The following table shows the computation of basic and diluted net income per share for the following periods (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net income	$	8,780	$	3,468	$	16,855	$	7,616

Denominator:
Weighted-average shares outstanding	12,117		12,318		12,184		12,417
Effect of dilutive securities	—		90		—		75
Weighted-average diluted shares	12,117		12,408		12,184		12,492

Basic net income per share	$	0.72	$	0.28	$	1.38	$	0.61
Diluted net income per share	$	0.72	$	0.28	$	1.38	$	0.61

There were no outstanding options to purchase shares of common stock for the three and nine months ended September 30, 2025. For the three and nine months ended September 30, 2024, outstanding options to purchase shares of common stock in an aggregate of approximately 160,000 and 161,000, respectively, have been excluded from the calculation of diluted net income per share, as such securities were anti-dilutive.