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Note 2 - Income Per Share

6 Months Ended

Jun. 30, 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 235,000 and 251,000 shares issuable upon conversion of unvested restricted shares for the three and six months ended June 30, 2023, and 237,000 and 252,000 shares issuable upon conversion of unvested restricted shares for the three and six months ended June 30, 2022. There were no and less than 1,000 unvested shares excluded from the calculation of diluted earnings per share as anti-dilutive for the three and six months ended June 30, 2023. There were no unvested shares excluded from the calculation of diluted earnings per share as anti-dilutive for the three and six months ended June 30, 2022. There were 400,000 and 365,000 shares issuable upon conversion of unvested employee stock options for the three and six months ended June 30, 2023 and 10,000 and 11,000 shares issuable upon conversion of unvested employee stock options for the three and six months ended June 30, 2022. There were no and 35,000 unvested employee stock options excluded from the calculation of diluted earnings per share as anti-dilutive for the three and six months ended June 30, 2023 and 33,000 unvested employee stock options excluded from the calculation of diluted earnings per share as anti-dilutive for the three and six months ended June 30, 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								Six Months Ended
		June 30,								June 30,
		2023				2022				2023				2022
Numerators:
Income from continuing operations		$	12,143			$	24,526			$	28,628			$	46,693
Income from discontinued operations			150				-				300				-
Net income		$	12,293			$	24,526			$	28,928			$	46,693
Denominator:
Denominator for basic income per share – weighted-average shares			12,939				15,514				13,150				16,058
Effect of dilutive securities:
Equivalent shares issuable upon conversion of unvested restricted shares			235				237				251				252
Equivalent shares issuable upon conversion of unvested employee stock options			400				10				365				11
Denominator for diluted income per share adjusted weighted-average shares and assumed conversions			13,574				15,761				13,766				16,321

Basic income per share:
Income from continuing operations		$	0.94			$	1.58			$	2.18			$	2.91
Income from discontinued operations			0.01				-				0.02				-
Net income per share(1)		$	0.95			$	1.58			$	2.20			$	2.91
Diluted income per share:
Income from continuing operations		$	0.90			$	1.56			$	2.08			$	2.86
Income from discontinued operations			0.01				-				0.02				-
Net income per share		$	0.91			$	1.56			$	2.10			$	2.86

⁽¹⁾	Total may not sum due to rounding.