Note 2 - Income Per Share

9 Months Ended

Sep. 30, 2016

Note 2.

Income

Per Share

Basic income per share excludes dilution and is computed by dividing earnings available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted income per share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings. The calculation of diluted income per share excludes a de minimis number of unvested shares since the effect of any assumed exercise of the related awards would be anti-dilutive for the three and nine months ended September 30, 2016 and 2015, respectively. There were no outstanding stock options at September 30, 2016. Income per share is the same for both Class A and Class B shares.

The following table sets forth for the periods indicated the calculation of net income per share included in the condensed consolidated statements of operations:

(in thousands except per share data)	Three Months ended September 30,				Nine Months ended September 30,
	2016		2015		2016		2015
Numerator:
Net income	$	2,869	$	7,627	$	10,853	$	28,855
Denominator:
Denominator for basic earnings per share – weighted-average shares		18,194		18,119		18,177		18,175
Effect of dilutive securities:
Equivalent shares issuable upon conversion of unvested restricted stock		93		200		81		166
Equivalent shares issuable upon conversion of unvested employee stock options		-		1		-		5
Denominator for diluted earnings per share – adjusted weighted-average shares and assumed conversions		18,287		18,320		18,258		18,346

Basic income per share:	$	0.16	$	0.42	$	0.60	$	1.59
Diluted income per share:	$	0.16	$	0.42	$	0.59	$	1.57