Note 3 - Net Income Per Common Share

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 3 – 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 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, restricted stock units and restricted stock awards granted under stock-based compensation plans and shares committed to be purchased under the employee stock purchase plan. Performance stock units are excluded from the calculation of dilutive potential common shares until the performance conditions have been satisfied.

The table below sets forth the computation of basic and diluted net income per share:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands, except share and per share amounts)	2021		2020		2021		2020
Net income	$	4,835	$	14,697	$	21,462	$	41,288
Basic - weighted-average shares outstanding:		27,713,229		26,736,709		27,638,611		26,724,715
Effect of dilutive securities:
Employee stock options and other		16,876		149,724		69,173		136,932
Diluted - weighted-average shares outstanding:		27,730,105		26,886,433		27,707,784		26,861,647
Net income per share:
Basic	$	0.17	$	0.55	$	0.78	$	1.54
Diluted	$	0.17	$	0.55	$	0.77	$	1.54