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Note 3 - Net Income Per Common Share
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2022, 220,776 and 208,840 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

  

Six Months Ended

 
  

June 30,

  

June 30,

 

(in thousands, except share and per share amounts)

 

2022

  

2021

  

2022

  

2021

 

Net income

 $2,557  $12,915  $7,652  $16,627 
                 

Basic - weighted-average shares outstanding:

  27,530,739   27,735,732   27,515,583   27,600,684 

Effect of dilutive securities:

                

Employee stock options and other

  6,084   9,138   8,436   140,780 

Diluted - weighted-average shares outstanding:

  27,536,823   27,744,870   27,524,019   27,741,464 

Net income per share:

                

Basic

 $0.09  $0.47  $0.28  $0.60 

Diluted

 $0.09  $0.47  $0.28  $0.60