Note 8 - Earnings Per Share

6 Months Ended

Jun. 30, 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 796,694 and 276,949 options of common stock for the three-month periods ended June 30, 2024 and 2023, respectively, which have been excluded from the diluted net income per share computation because their inclusion would be anti-dilutive. We had 674,428 and 265,673 options of common stock for the six-month periods ended June 30, 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 June 30						For the Six Months Ended June 30
	2024			2023			2024			2023
	(In thousands, except per share data)
Numerator for net income per share – basic:
Net income	$	6,175		$	7,273		$	12,534		$	14,236
Allocation of distributed and undistributed income to unvested restricted stock shareholders		(1	)		(4	)		(2	)		(7	)
Net income attributable to common shareholders		6,174			7,269			12,532			14,229
Denominator for net income per share – basic:
Weighted average common shares outstanding – basic		23,871			24,578			23,870			24,582
Net income per share – basic	$	0.26		$	0.30		$	0.53		$	0.58
Numerator for net income per share – diluted:
Net income attributable to common shareholders for basic computation		6,174			7,269			12,532			14,229
Denominator for net income per share – diluted:
Weighted average common shares outstanding – basic		23,871			24,578			23,870			24,582
Weighted average effect of dilutive securities – stock options		44			138			64			145
Denominator for diluted earnings per share – adjusted weighted average shares		23,915			24,716			23,934			24,727
Net income per share – diluted	$	0.26		$	0.29		$	0.52		$	0.58