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Note 12 - Earnings Per Share
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Earnings Per Share [Text Block]

NOTE 12 – Earnings Per Share:

 

The Company’s basic net income per share is computed based on the weighted average number of shares of common stock outstanding for the period. Diluted net income per share includes the effect of the Company’s outstanding stock options, stock appreciation rights, unvested shares of restricted stock and unvested performance shares, if the inclusion of these items is dilutive.

 

The following table presents a reconciliation of basic and diluted net income per share for the years ended December 31, 2021, 2020 and 2019:

 

   Years Ended December 31, 
  

2021

  

2020

  

2019

 

Net income used in the computation of basic and diluted net income per share (in thousands)

 $29,440  $41,026  $12,066 
             

Weighted average shares outstanding - basic

  15,438,849   15,075,134   14,945,165 

Dilutive common stock equivalents

  652,221   433,286   321,243 

Weighted average shares outstanding - diluted

  16,091,070   15,508,420   15,266,408 

Net income per share:

            

Basic

 $1.91  $2.72  $0.81 

Diluted

 $1.83  $2.65  $0.79 

 

Awards to purchase 171,522, 271,507 and 448,298 shares of common stock with weighted average exercise prices of $25.42, $19.77 and $19.73 were outstanding during the years ended December 31, 2021, 2020 and 2019, respectively, but were not included in the computation of diluted net income per share because the awards’ exercise prices were greater than the average market price of the common shares.