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Note 3 - Net Income Per Common Share

3 Months Ended

Mar. 31, 2022

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 and other stock-based 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. For the three months ended March 31, 2022, 233,380 anti-dilutive options were excluded from the calculation of diluted weighted average shares outstanding.

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

		Three Months Ended
		March 31,
(in thousands, except share and per share amounts)		2022				2021
Net income		$	5,095			$	3,712

Basic - weighted-average shares outstanding:			27,502,941				27,464,136
Effect of dilutive securities:
Employee stock options and other			7,536				234,059
Diluted - weighted-average shares outstanding:			27,510,477				27,698,195
Net income per share:
Basic		$	0.19			$	0.14
Diluted		$	0.19			$	0.13