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Note 2 - Income Per Share | 9 Months Ended
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Sep. 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 254,000 and 247,000 shares issuable upon conversion of unvested restricted shares for the three and nine months ended September 30, 2023, and 305,000 and 271,000 shares issuable upon conversion of unvested restricted shares for the three and nine months ended September 30, 2022. There were no unvested shares excluded from the calculation of diluted earnings per share as anti-dilutive for the three and nine months ended September 30, 2023. There were no unvested shares excluded from the calculation of diluted earnings per share as anti-dilutive for the three and nine months ended September 30, 2022. There were 478,000 and 411,000 shares issuable upon conversion of unvested employee stock options for the three and nine months ended September 30, 2023 and 182,000 and 109,000 shares issuable upon conversion of unvested employee stock options for the three and nine months ended September 30, 2022. There were no and 32,000 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, 2023, respectively, 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, 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 |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Numerators: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 13,356 |  |  | $ | 49,961 |  |  | $ | 41,984 |  |  | $ | 96,654 |
Income from discontinued operations |  |  | 150 |  |  |  | 525 |  |  |  | 450 |  |  |  | 525 |
Net income |  | $ | 13,506 |  |  | $ | 50,486 |  |  | $ | 42,434 |  |  | $ | 97,179 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Denominator for basic income per share – weighted-average shares |  |  | 12,947 |  |  |  | 14,405 |  |  |  | 13,082 |  |  |  | 15,495 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equivalent shares issuable upon conversion of unvested restricted shares |  |  | 254 |  |  |  | 305 |  |  |  | 247 |  |  |  | 271 |
Equivalent shares issuable upon conversion of unvested employee stock options |  |  | 478 |  |  |  | 182 |  |  |  | 411 |  |  |  | 109 |
Denominator for diluted income per share adjusted weighted-average shares and assumed conversions |  |  | 13,679 |  |  |  | 14,892 |  |  |  | 13,740 |  |  |  | 15,875 |
Basic income per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 1.03 |  |  | $ | 3.47 |  |  | $ | 3.21 |  |  | $ | 6.24 |
Income from discontinued operations |  |  | 0.01 |  |  |  | 0.04 |  |  |  | 0.03 |  |  |  | 0.03 |
Net income per share(1) |  | $ | 1.04 |  |  | $ | 3.50 |  |  | $ | 3.24 |  |  | $ | 6.27 |
Diluted income per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 0.98 |  |  | $ | 3.36 |  |  | $ | 3.06 |  |  | $ | 6.09 |
Income from discontinued operations |  |  | 0.01 |  |  |  | 0.04 |  |  |  | 0.03 |  |  |  | 0.03 |
Net income per share |  | $ | 0.99 |  |  | $ | 3.39 |  |  | $ | 3.09 |  |  | $ | 6.12 |
(1) | Total may not sum due to rounding.

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