Note 12 - Earnings Per Share

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 12 – Earnings Per Share:

The Company’s basic net income per share is computed based on the weighted average number of shares of common stock outstanding for the period. Diluted net income per share includes the effect of the Company’s outstanding stock options, stock appreciation rights, unvested shares of restricted stock and unvested performance shares, if the inclusion of these items is dilutive.

The following table presents a reconciliation of basic and diluted net income per share for the years ended December 31, 2020, 2019 and 2018:

		Years Ended December 31,
	2020		2019		2018
Net income used in the computation of basic and diluted net income per share (in thousands)	$	41,026	$	12,066	$	16,975
Weighted average shares outstanding - basic		15,075,134		14,945,165		14,937,786
Dilutive common stock equivalents		433,286		321,243		534,347
Weighted average shares outstanding - diluted		15,508,420		15,266,408		15,472,133
Net income per share:
Basic	$	2.72	$	0.81	$	1.14
Diluted	$	2.65	$	0.79	$	1.10

Awards to purchase 271,507, 448,298 and 322,000 shares of common stock with weighted average exercise prices of $19.77, $19.73 and $22.02 were outstanding during the years ended December 31, 2020, 2019 and 2018, respectively, but were not included in the computation of diluted net income per share because the awards’ exercise prices were greater than the average market price of the common shares.