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Note 2 - Income Per Share

3 Months Ended

Mar. 31, 2023

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 288,000 shares issuable upon conversion of unvested restricted shares for the three months ended March 31, 2023, and 167,000 shares issuable upon conversion of unvested restricted shares for the three months ended March 31, 2022. There were no unvested shares excluded from the calculation of diluted earnings per share as anti-dilutive for either of the three months ended March 31, 2023 and 2022. There were 228,000 shares issuable upon conversion of unvested employee stock options for the three months ended March 31, 2023 and no shares issuable upon conversion of unvested employee stock options for the three months ended March 31, 2022. There were 51,000 unvested employee stock options excluded from the calculation of diluted earnings per share as anti-dilutive for the three months ended March 31, 2023 and no unvested employee stock options excluded from the calculation of diluted earnings per share as anti-dilutive for the three months ended March 31, 2022. 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
		March 31,
		2023				2022
Numerators:
Income from continuing operations		$	16,485			$	22,167
Income from discontinued operations			150				-
Net income		$	16,635			$	22,167
Denominator:
Denominator for basic income per share – weighted-average shares			13,361				16,602
Effect of dilutive securities:
Equivalent shares issuable upon conversion of unvested restricted shares			288				167
Equivalent shares issuable upon conversion of unvested employee stock options			228				-
Denominator for diluted income per share adjusted weighted-average shares and assumed conversions			13,877				16,769

Basic income per share:
Income from continuing operations		$	1.23			$	1.34
Income from discontinued operations			0.01				-
Net income(1)		$	1.25			$	1.34
Diluted income per share:
Income from continuing operations		$	1.19			$	1.32
Income from discontinued operations			0.01				-
Net income		$	1.20			$	1.32

⁽¹⁾	Total may not sum due to rounding.