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Note 4 - Net Income Per Share

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 4 – 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,
		2025				2024				2025				2024
Net income used in the computation of basic and diluted net income per share (in thousands)		$	2,744			$	5,403			$	3,537			$	9,915

Weighted average shares outstanding - basic			14,738,863				16,107,549				15,050,834				16,118,885
Dilutive common stock equivalents			380,187				436,441				371,310				470,029
Weighted average shares outstanding - diluted			15,119,050				16,543,990				15,422,144				16,588,914
Net income per share:
Basic		$	0.19			$	0.34			$	0.24			$	0.62
Diluted		$	0.18			$	0.33			$	0.23			$	0.60

Awards to purchase 654,495 and 309,778 shares of common stock with weighted average exercise prices of $16.52 and $21.44 per share were outstanding during the three months ended September 30, 2025 and 2024, 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 549,430 and 335,071 shares of common stock with weighted average exercise prices of $18.11 and $21.40 per share were outstanding during the nine months ended September 30, 2025 and 2024, 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.