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Note 8 - Net Income Per Share

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 8 – Net Income 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, 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 per share for the periods presented:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
Net income used in the computation of basic and diluted net income per share (in thousands)		$	5,403			$	3,114			$	9,915			$	5,215

Weighted average shares outstanding - basic			16,107,549				15,992,792				16,118,885				15,954,264
Dilutive common stock equivalents			436,441				162,563				470,029				178,568
Weighted average shares outstanding - diluted			16,543,990				16,155,355				16,588,914				16,132,832
Net income per share:
Basic		$	0.34			$	0.19			$	0.62			$	0.33
Diluted		$	0.33			$	0.19			$	0.60			$	0.32

Awards to purchase 309,778 and 1,198,603 shares of common stock with weighted average exercise prices of $21.44 and $15.32 per share were outstanding during the three months ended September 30, 2024 and 2023, 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.

Awards to purchase 335,071 and 1,158,819 shares of common stock with weighted average exercise prices of $21.40 and $15.84 per share were outstanding during the nine months ended September 30, 2024 and 2023, 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.