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Note 5 - Earnings Per Share
6 Months Ended
Jun. 30, 2022
Notes to Financial Statements  
Earnings Per Share [Text Block]

5.  EARNINGS PER SHARE

 

Basic earnings per share (“EPS”) is calculated using the average number of shares of common stock outstanding during each period. For the calculation of diluted shares, the Company assumes that restricted stock is outstanding on the date of vesting, and the Company assumes the issuance of shares from the exercise of stock options using the treasury stock method.

 

A reconciliation of reported net income (loss) to net income (loss) used in calculating EPS as well as a reconciliation from basic to diluted shares follows:  

 

  

Three Months Ended June 30,

  

Six Months Ended June 30,

 
  

2022

  

2021

  

2022

  

2021

 
  

(in thousands)

 

Net income (numerator):

                

Income from continuing operations

 $15,124  $5,917  $27,300  $15,805 

Income from continuing operations attributable to unvested shares

  (229)  (99)  (381)  (269)

Numerator for basic

  14,895   5,818   26,919   15,536 

Reallocation of earnings to participating securities for considering dilutive securities

  1      2    

Numerator for dilutive

 $14,896  $5,818  $26,921  $15,536 
                 

Loss from discontinued operations, net of tax

 $(20) $(33) $(32) $(52)

Income from discontinued operations attributable to unvested shares

     1      1 

Numerator for basic

  (20)  (32)  (32)  (51)

Reallocation of earnings to participating securities for considering dilutive securities

            

Numerator for dilutive

 $(20) $(32) $(32) $(51)
                 

Net Income

 $15,104  $5,884  $27,268  $15,753 

Net income attributable to unvested shares

  (229)  (98)  (381)  (268)

Numerator for basic

  14,875   5,786   26,887   15,485 

Reallocation of earnings to participating securities for considering dilutive securities

  1      2    

Numerator for dilutive

 $14,876  $5,786  $26,889  $15,485 
                 

Weighted average shares (denominator):

                

Basic weighted average shares outstanding

  58,925   58,072   58,814   57,855 

Effect of dilutive securities

  436   502   464   672 

Diluted weighted average shares outstanding

  59,361   58,574   59,278   58,527 

Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive

  251   377   154   386