Note 4 - Net Income Per Share

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 4 – Net Income 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, 2024 and 2023 (net income is presented in thousands):

	Years Ended December 31,
	2024		2023
Net income (in thousands)	$	12,004	$	8,772
Weighted average shares outstanding - basic		16,008,015		15,968,199
Dilutive common stock equivalents		496,369		191,109
Weighted average shares outstanding - diluted		16,504,384		16,159,308
Net income per share:
Basic	$	0.75	$	0.55
Diluted	$	0.73	$	0.54

Awards to purchase 329,848 and 1,113,935 shares of common stock with weighted average exercise prices of $21.36 and $15.95, were outstanding during the years ended December 31, 2024 and 2023, 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.