Note 7 - Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

7. Net Income (Loss) Per Share

The calculations of net income (loss) per share were as follows:

	Three Months Ended March 31,
	2021		2020
	(Unaudited - In thousands, except per share data)
Basic:
Net income (loss)	$	17,625	$	(16,008	)
Weighted average common shares outstanding		20,902		20,686
Net income (loss) per share	$	0.84	$	(0.77	)
Diluted:
Net income (loss) for dilutive share computation	$	17,625	$	(16,008	)
Number of shares used in basic per share computation		20,902		20,686
Unvested restricted stock and DSU's		28		—
Employee stock options		—		—
Weighted average common shares outstanding		20,930		20,686
Net income (loss) per dilutive share	$	0.84	$	(0.77	)

Basic and diluted average common shares outstanding for purposes of computing net income (loss) per share includes outstanding common shares and vested deferred stock units (DSUs).

If an equity method company has dilutive stock options, unvested restricted stock, DSUs or warrants, diluted net income (loss) per share is computed by first deducting the income attributable to the potential exercise of the dilutive securities of the company from net income (loss). Any impact is shown as an adjustment to net income (loss) for purposes of calculating diluted net income (loss) per share.

Diluted earnings per share do not reflect the following potential shares of common stock that would have an anti-dilutive effect or have unsatisfied performance or market conditions:

• At March 31, 2021 and 2020, options to purchase 45 thousand and 179 thousand shares of common stock, respectively, at prices ranging from $10.37 to $17.11 and $10.37 to $18.45, respectively, were excluded from the calculations.

• At March 31, 2021 and 2020, unvested restricted stock, performance-based stock units and DSUs convertible into 0.3 million and 0.3 million shares of stock, respectively, were excluded from the calculations.