XML 19 R9.htm IDEA: XBRL DOCUMENT

Note 3 - Net Income Per Common Share

9 Months Ended

Sep. 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*								*Nine Months Ended*
		*September 30,*								*September 30,*
(in thousands, except share and per share amounts)		*2020*				*2019*				*2020*				*2019*
Net income		$	14,697			$	16,792			$	41,288			$	48,469

Basic - weighted-average shares outstanding:			26,736,709				26,846,030				26,724,715				26,894,420
Effect of dilutive securities:
Employee stock options and other			149,724				159,311				136,932				178,453
Diluted - weighted-average shares outstanding:			26,886,433				27,005,341				26,861,647				27,072,873
Net income per share:
Basic		$	0.55			$	0.63			$	1.54			$	1.80
Diluted		$	0.55			$	0.62			$	1.54			$	1.79