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Note 3 - Net Income Per Common Share

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 3 – Net Income per Common Share

Basic net income per share is computed based on the weighted-average number of common shares outstanding. Diluted net income per share is computed based on the weighted-average number of common shares outstanding, increased by the number of additional shares that would have been outstanding had potentially dilutive common shares been issued and reduced by the number of shares the Company could have repurchased from the proceeds from issuance of the potentially dilutive shares. Potentially dilutive shares of common stock include stock options, restricted stock units and restricted stock awards granted under stock-based compensation plans and shares committed to be purchased under the employee stock purchase plan. Performance stock units are excluded from the calculation of dilutive potential common shares until the performance conditions have been satisfied.

The table below sets forth the computation of basic and diluted net income per share:

		*Three Months Ended*								*Six Months Ended*
		*June 30,*								*June 30,*
(in thousands, except share and per share amounts)		*2020*				*2019*				*2020*				*2019*
Net income		$	12,607			$	16,166			$	26,591			$	31,677

Basic - weighted-average shares outstanding:			26,660,498				26,875,153				26,718,652				26,919,016
Effect of dilutive securities:
Employee stock options and other			100,368				166,269				119,286				194,312
Diluted - weighted-average shares outstanding:			26,760,866				27,041,422				26,837,938				27,113,328
Net income per share:
Basic		$	0.47			$	0.60			$	1.00			$	1.18
Diluted		$	0.47			$	0.60			$	0.99			$	1.17