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Note 2 - Income Per Share

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

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. There were approximately 305,000 and 271,000 shares issuable upon conversion of unvested restricted shares for the three and nine months ended September 30, 2022, respectively, and 193,000 and 209,000 shares issuable upon conversion of unvested restricted shares for the three and nine months ended September 30, 2021, respectively. There were no unvested shares excluded from the calculation of diluted earnings per share as anti-dilutive for either of the three and nine months ended September 30, 2022 and 2021. There were 182,000 and 109,000 shares issuable upon conversion of unvested employee stock options for the three and nine months ended September 30, 2022 and no shares issuable upon conversion of unvested employee stock options for the three and nine months ended September 30, 2021, respectively. There were no and 15,000 unvested employee stock options excluded from the calculation of diluted earnings per share as anti-dilutive for the three and nine months ended September 30, 2022 and no unvested employee stock options excluded from the calculation of diluted earnings per share as anti-dilutive for the three and nine months ended September 30, 2021, respectively. 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								Nine Months Ended
		September 30,								September 30,
		2022				2021				2022				2021
Numerators:
Income from continuing operations		$	49,961			$	16,442			$	96,654			$	40,459
Income from discontinued operations			525				-				525				2,540
Net income		$	50,486			$	16,442			$	97,179			$	42,999
Denominator:
Denominator for basic income per share – weighted-average shares			14,405				16,782				15,495				16,832
Effect of dilutive securities:
Equivalent shares issuable upon conversion of unvested restricted shares			305				193				271				209
Equivalent shares issuable upon conversion of unvested employee stock options			182				-				109				-
Denominator for diluted income per share adjusted weighted-average shares and assumed conversions			14,892				16,975				15,875				17,041

Basic income per share:
Income from continuing operations		$	3.47			$	0.98			$	6.24			$	2.40
Income from discontinued operations			0.04				-				0.03				0.15
Net income		$	3.50			$	0.98			$	6.27			$	2.55
Diluted income per share:
Income from continuing operations		$	3.36			$	0.97			$	6.09			$	2.37
Income from discontinued operations			0.04				-				0.03				0.15
Net income		$	3.39			$	0.97			$	6.12			$	2.52