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

6. EARNINGS PER SHARE

 

Basic earnings per share is computed by dividing the net income available to common shareholders for the period by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing the net income available to common shareholders for the period by the weighted average number of potentially dilutive common and common equivalent shares outstanding during the period. Common equivalent shares are composed of incremental common shares issuable upon the exercise of stock options and RSUs subject to vesting. The dilutive effect of common equivalent shares is included in diluted earnings per share by application of the treasury stock method. The total number of common equivalent shares excluded from the calculations of diluted earnings per share, due to their anti-dilutive effect or contingent performance conditions, was approximately 205,000 and 26,000 for the three months ended September 30, 2022 and 2021, respectively, and 217,000 and 95,000 for the nine months ended September 30, 2022 and 2021, respectively.

 

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):

 

  

Three Months Ended September 30,

  

Nine Months Ended September 30,

 
  

2022

  

2021

  

2022

  

2021

 

Numerator:

                

Net income

 $3,666  $1,500  $9,642  $6,232 

Denominator:

                

Weighted-average shares outstanding

  30,570   31,558   30,672   31,538 

Effect of dilutive shares

  92   126   45   71 

Weighted-average diluted shares

  30,662   31,684   30,717   31,609 
                 

Net income per share:

                

Basic

 $0.12  $0.05  $0.31  $0.20 

Diluted

 $0.12  $0.05  $0.31  $0.20