Note H - Earnings Per Share

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE H: EARNINGS PER SHARE

Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by adjusting the weighted average number of shares of common stock outstanding by common stock equivalents attributable to dilutive restricted stock. The computation of diluted earnings per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect on earnings per share. The computations of basic and diluted earnings per share were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
	(in thousands, except per share data)
Net income	$	6,000	$	4,581	$	3,874	$	21,536
Basic weighted average common shares outstanding		5,763		5,756		5,758		5,859
Dilutive effect of common stock equivalents		5		43		17		48
Diluted weighted average common shares outstanding		5,768		5,799		5,775		5,907
Basic earnings per share	$	1.04	$	0.80	$	0.67	$	3.68
Diluted earnings per share	$	1.04	$	0.79	$	0.67	$	3.65