Note 4 - Net Income Per Share

6 Months Ended

Jun. 30, 2025

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, nonvested shares of restricted stock and nonvested 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 periods presented:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income used in the computation of basic and diluted net income per share (in thousands)	$	1,551	$	600	$	793	$	4,512
Weighted average shares outstanding - basic		14,813,984		16,221,073		15,206,819		16,124,553
Dilutive common stock equivalents		287,958		548,224		366,873		486,822
Weighted average shares outstanding - diluted		15,101,942		16,769,297		15,573,692		16,611,375
Net income per share:
Basic	$	0.10	$	0.04	$	0.05	$	0.28
Diluted	$	0.10	$	0.04	$	0.05	$	0.27

Awards to purchase 689,402 and 295,361 shares of common stock with weighted average exercise prices of $16.59 and $21.90 per share were outstanding during the three months ended June 30, 2025 and 2024, 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.

Awards to purchase 496,897 and 347,718 shares of common stock with weighted average exercise prices of $18.91 and $21.38 per share were outstanding during the six months ended June 30, 2025 and 2024, 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.