Note 10 - Income Per Share

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

(10) Income Per Share

Basic income per share is based on the weighted average number of shares of common stock outstanding.  Diluted income per share is based upon the weighted average number of common shares outstanding and dilutive common stock equivalent shares outstanding during each period.

The weighted average number of shares used to compute basic and diluted net income per share consisted of the following (in thousands):

	Three Months Ended
	March 31,
	2022		2021
Basic weighted average common shares outstanding		7,544		7,507
Weighted average common equivalent shares due to restricted stock, stock options and RSUs		86		63
Diluted weighted average common shares outstanding		7,630		7,570

The computation of diluted earnings per share excludes the effect of the potential exercise of stock awards, including stock options, when the average market price of the common stock is lower than the exercise price of the related options during the period.  These outstanding stock awards are not included in the computation of diluted income per share because the effect would be antidilutive.  For both the three-month periods ended March 31, 2022 and 2021, there were no stock awards excluded from the computation of diluted earnings per share for this reason.