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Note H - Earnings Per Share

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE H: EARNINGS PER SHARE

Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by adjusting the weighted average number of shares of common stock outstanding by common stock equivalents attributable to dilutive restricted stock. The computation of diluted earnings per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect on earnings per share. The computations of basic and diluted earnings per share were as follows:

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2021				2020				2021				2020
		(in thousands, except per share data)
Net income		$	21,359			$	6,000			$	48,625			$	3,874

Basic weighted average common shares outstanding			11,362				11,526				11,421				11,516
Dilutive effect of common stock equivalents			68				10				60				34
Diluted weighted average common shares outstanding			11,430				11,536				11,481				11,550

Basic earnings per share		$	1.88			$	0.52			$	4.26			$	0.34
Diluted earnings per share		$	1.87			$	0.52			$	4.24			$	0.34