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Note 8 - Earnings Per Share

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Earnings Per Share [Text Block]

(8)

EARNINGS PER SHARE

Basic net income per share was computed using the weighted-average shares of common stock outstanding during the period.

Diluted net income per share was computed using the weighted-average shares of common stock and, if dilutive, the potential common stock outstanding during the period. Potential shares of common stock consist of the incremental common stock issuable upon the exercise of stock options and vesting of restricted stock. The dilutive effect of outstanding stock options is reflected in diluted earnings per share by application of the treasury stock method.

We had 553,253 and 402,822 options of common stock for the three month periods ended September 30, 2025 and 2024, respectively, which have been excluded from the diluted net income per share computation because their inclusion would be anti-dilutive. We had 415,698 and 406,713 options of common stock for the nine month periods ended September 30, 2025 and 2024, respectively, which have been excluded from the diluted net income per share computation because their inclusion would be anti-dilutive.

		Three months ended September 30,								Nine months ended September 30,
		2025				2024				2025				2024
		(In thousands, except per share data)
Numerator for net income per share – basic:
Net income		$	4,122			$	5,688			$	9,802			$	18,223
Allocation of distributed and undistributed income to unvested restricted stock shareholders			(128	)			-				(192	)			(2	)
Net income attributable to common shareholders			3,994				5,688				9,610				18,221
Denominator for net income per share – basic:
Weighted average common shares outstanding – basic			22,130				23,721				22,584				23,820
Net income per share – basic		$	0.18			$	0.24			$	0.43			$	0.76
Numerator for net income per share – diluted:
Net income attributable to common shareholders for basic computation			3,994				5,688				9,632				18,221
Denominator for net income per share – diluted:
Weighted average common shares outstanding – basic			22,130				23,721				22,584				23,820
Weighted average effect of dilutive securities – stock options			-				24				6				48
Denominator for diluted earnings per share – adjusted weighted average shares			22,130				23,745				22,590				23,868
Net income per share – diluted		$	0.18			$	0.24			$	0.43			$	0.76