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Note 2 - Income Per Share

6 Months Ended

Jun. 30, 2025

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. 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,
		2025				2024				2025				2024
Numerators:
Income from continuing operations		$	9,840			$	12,044			$	16,403			$	15,868
Income from discontinued operations			-				150				-				300
Net income		$	9,840			$	12,194			$	16,403			$	16,168
Denominator:
Denominator for basic income per share – weighted-average shares			26,041				26,292				26,295				26,234
Effect of dilutive securities:
Equivalent shares issuable upon conversion of unvested restricted shares			111				129				122				142
Equivalent shares issuable upon conversion of unvested employee stock options			1,076				1,241				1,147				1,228
Denominator for diluted income per share adjusted weighted-average shares and assumed conversions			27,228				27,662				27,564				27,604

Basic income per share⁽¹⁾:
Income from continuing operations		$	0.38			$	0.46			$	0.62			$	0.60
Income from discontinued operations			-				0.01				-				0.01
Net income per share		$	0.38			$	0.46			$	0.62			$	0.62
Diluted income per share: ⁽¹⁾
Income from continuing operations		$	0.36			$	0.44			$	0.60			$	0.57
Income from discontinued operations			-				0.01				-				0.01
Net income per share		$	0.36			$	0.44			$	0.60			$	0.59

⁽¹⁾	Total may not sum due to rounding.

There were approximately 1,000 and no unvested shares excluded from the calculation of diluted earnings per share as anti-dilutive for the three and six months ended June 30, 2025, respectively, and no unvested shares excluded from the calculation of diluted earnings per share as anti-dilutive for the three and six months ended June 30, 2024. There were no 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, 2025 and 2024, respectively.