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Note 11 - Net Income Per Share
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Earnings Per Share [Text Block]

11.

Net Income per Share

 

Basic net income per share is computed by dividing the net income by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by giving effect to all dilutive potential shares of common stock, including RSUs and PSAs, assumed to be outstanding during the period using the treasury stock method. Performance-based PSAs are considered dilutive when the related performance conditions have been met assuming the end of the reporting period represents the end of the performance period. In periods with a net loss, all potential shares of common stock are excluded from the computation of diluted net loss per share as the impact would be antidilutive.

 

Net income per basic and diluted weighted-average common share outstanding was calculated as follows (in thousands, except per share amounts):

 

  

Three Months Ended June 30,

  

Six Months Ended June 30,

 
  

2024

  

2023

  

2024

  

2023

 
                 

Net income

 $8,619  $7,448  $13,857  $9,810 
                 

Basic weighted-average common shares outstanding

  9,912   10,000   9,914   9,970 

Effect of potentially dilutive common shares (1)

  83   66   111   111 

Diluted weighted-average common shares outstanding

  9,995   10,066   10,025   10,081 
                 

Net income per common share:

                

Basic

 $0.87  $0.74  $1.40  $0.98 

Diluted

 $0.86  $0.74  $1.38  $0.97 

 

 

(1)

The weighted-average number of antidilutive shares not included in the computation of diluted net income per share was approximately 15,700 for the six months ended June 30, 2024. There were no antidilutive shares for the three months ended June 30, 2024 and the three and six months ended June 30, 2023.