Note 8 - Earnings Per Share

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

(8) EARNINGS PER SHARE

Basic net income per share was computed using the weighted-average shares of common stock outstanding during the period.

Diluted net income per share was computed using the weighted-average shares of common stock and, if dilutive, the potential common stock outstanding during the period. Potential shares of common stock consist of the incremental common stock issuable upon the exercise of stock options and vesting of restricted stock. The dilutive effect of outstanding stock options is reflected in diluted earnings per share by application of the treasury stock method.

We had 596,426 and 254,271 options of common stock for the three-month periods ended March 31, 2024 and 2023, respectively, which have been excluded from the diluted net income per share computation because their inclusion would be anti-dilutive.

	For the Three Months Ended March 31, 2024			For the Three Months Ended March 31, 2023
	(In thousands)
Numerator for net income per share – basic:	$	6,359		$	6,964
Net income
Allocation of distributed and undistributed income to unvested restricted stock shareholders		(1	)		(4	)
Net income attributable to common shareholders		6,358			6,960
Denominator for net income per share – basic:
Weighted average shares of common stock outstanding – basic		23,868			24,585
Net income per share – basic	$	0.27		$	0.28
Numerator for net income per share – diluted:
Net income attributable to common shareholders for basic computation		6,358			6,960
Denominator for net income per share – diluted:
Weighted average shares of common stock outstanding – basic		23,868			24,585
Weighted average effect of dilutive securities – stock options		95			153
Denominator for diluted earnings per share – adjusted weighted average shares		23,963			24,738
Net income per share – diluted	$	0.27		$	0.28