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Note 2 - Income Per Share

9 Months Ended

Sep. 30, 2024

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 75,000 and 71,000 shares issuable upon conversion of unvested restricted shares for the three and nine months ended September 30, 2024, respectively, and 254,000 and 247,000 shares issuable upon conversion of unvested restricted shares for the three and nine months ended September 30, 2023, 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, 2024 and 2023. There were approximately 649,000 and 619,000 shares issuable upon conversion of unvested employee stock options for the three and nine months ended September 30, 2024, respectively, and 478,000 and 411,000 shares issuable upon conversion of unvested employee stock options for the three and nine months ended September 30, 2023, respectively. There were 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, 2024, respectively, and 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. 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,
		2024				2023				2024				2023
Numerators:
Income from continuing operations		$	12,883			$	13,356			$	28,752			$	41,984
Income from discontinued operations			150				150				450				450
Net income		$	13,033			$	13,506			$	29,202			$	42,434
Denominator:
Denominator for basic income per share – weighted-average shares			13,177				12,947				13,137				13,082
Effect of dilutive securities:
Equivalent shares issuable upon conversion of unvested restricted shares			75				254				71				247
Equivalent shares issuable upon conversion of unvested employee stock options			649				478				619				411
Denominator for diluted income per share adjusted weighted-average shares and assumed conversions			13,901				13,679				13,827				13,740

Basic income per share⁽¹⁾:
Income from continuing operations		$	0.98			$	1.03			$	2.19			$	3.21
Income from discontinued operations			0.01				0.01				0.03				0.03
Net income per share		$	0.99			$	1.04			$	2.22			$	3.24
Diluted income per share: ⁽¹⁾
Income from continuing operations		$	0.93			$	0.98			$	2.08			$	3.06
Income from discontinued operations			0.01				0.01				0.03				0.03
Net income per share		$	0.94			$	0.99			$	2.11			$	3.09

⁽¹⁾	Total may not sum due to rounding.