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Note 9 - Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 9 – Net Income (Loss) Per Share:

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

The following table presents a reconciliation of basic and diluted net income (loss) per share for the periods presented:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2023				2022				2023				2022
Net income (loss) used in the computation of basic and diluted net income (loss) per share (in thousands)		$	3,114			$	(12,719	)		$	5,215			$	(34,164	)

Weighted average shares outstanding - basic			15,992,792				15,806,852				15,954,264				15,739,381
Dilutive common stock equivalents			162,563				-				178,568				-
Weighted average shares outstanding - diluted			16,155,355				15,806,852				16,132,832				15,739,381
Net income (loss) per share:
Basic		$	0.19			$	(0.80	)		$	0.33			$	(2.17	)
Diluted		$	0.19			$	(0.80	)		$	0.32			$	(2.17	)

Diluted weighted average shares outstanding excludes shares of common stock of 389,915 and 455,774 for the three and nine months ended September 30, 2022, respectively, as their inclusion would have been antidilutive given the Company’s net loss.

Awards to purchase 1,198,603 and 683,499 shares of common stock with weighted average exercise prices of $15.32 and $21.37 per share were outstanding during the three months ended September 30, 2023 and 2022, respectively, but were not included in the computation of diluted net income (loss) per share because the awards’ exercise prices were greater than the average market price of the common shares.

Awards to purchase 1,158,819 and 577,478 shares of common stock with weighted average exercise prices of $15.84 and $22.17 per share were outstanding during the nine months ended September 30, 2023 and 2022, respectively, but were not included in the computation of diluted net income (loss) per share because the awards’ exercise prices were greater than the average market price of the common shares.