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Note 2 - Income Per Share

9 Months Ended

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.