Note 4 - Net Income Per Common Share

12 Months Ended

Dec. 31, 2021

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. For the year ended December 31, 2021, 113,043 anti-dilutive options were excluded from the calculation of diluted weighted average shares outstanding.

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)	2021		2020		2019
Net Income	$	33,372	$	50,867	$	63,655
Basic - weighted-average shares outstanding:		27,617,627		26,737,425		26,866,985
Effect of dilutive securities:
Employee stock options and other		35,472		158,932		182,438
Diluted - weighted-average shares outstanding:		27,653,099		26,896,357		27,049,423
Net income per share attributable to common shareholders:
Basic	$	1.21	$	1.90	$	2.37
Diluted	$	1.21	$	1.89	$	2.35