Note 4 - Net Income Per Common Share

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 4 – Net Income Per Common Share

Basic net income per share is computed based on the weighted average number of common shares outstanding. Diluted net income per share is computed based on the weighted average number of common shares outstanding, increased by the number of additional shares that would have been outstanding had the potentially dilutive common shares been issued and reduced by the number of shares the Company could have repurchased from the proceeds from issuance of the potentially dilutive shares. Potentially dilutive shares of common stock include stock options and other stock-based awards granted under stock-based compensation plans and shares committed to be purchased under the employee stock purchase plan.

The following table presents the calculation of net income per basic and diluted share attributable to common shareholders:

	Year Ended December 31,
(in thousands, except share and per share amounts)	2020		2019		2018
Net Income	$	50,867	$	63,655	$	76,588
Basic - weighted-average shares outstanding:		26,737,425		26,866,985		26,982,614
Effect of dilutive securities:
Employee stock options and other		158,932		182,438		296,202
Diluted - weighted-average shares outstanding:		26,896,357		27,049,423		27,278,816
Net income per share attributable to common shareholders:
Basic	$	1.90	$	2.37	$	2.84
Diluted	$	1.89	$	2.35	$	2.81