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Note 6 - Earnings Per Share

6 Months Ended

Jun. 30, 2024

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 155,000 and 225,000 for the three months ended June 30, 2024 and 2023, respectively, and 166,000 and 246,000 for the six months ended June 30, 2024 and 2023, respectively.

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

		*Three Months Ended June 30,*								*Six Months Ended June 30,*
		*2024*				*2023*				*2024*				*2023*
Numerator:
Net income		$	4,168			$	4,133			$	9,394			$	6,756
Denominator:
Weighted-average shares outstanding			30,401				30,684				30,357				30,638
Effect of dilutive shares			125				91				115				79
Weighted-average diluted shares			30,526				30,775				30,472				30,717

Net income per share:
Basic		$	0.14			$	0.13			$	0.31			$	0.22
Diluted		$	0.14			$	0.13			$	0.31			$	0.22