Note 13 - Earnings Per Share ("EPS")

3 Months Ended

Mar. 31, 2020

13.	Earnings Per Share (“EPS”)

Basic EPS is calculated by dividing net income by the weighted average number of shares outstanding during the period. Unvested restricted shares, although legally issued and outstanding, are

not

considered outstanding for purposes of calculating basic earnings per share. Diluted EPS is calculated by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, SARs, RSAs, RSUs, and PSUs using the treasury stock method.

The following table provides share information used in the calculation of the Company's basic and diluted earnings per share (in thousands):

	Three Months Ended March 31,
	2020		2019
Shares used in the calculation of basic earnings per share		14,202		14,185
Effect of dilutive securities:
Stock options, RSAs, PSUs and RSUs		151		129
Diluted shares used in the calculation of earnings per share		14,353		14,314

Stock options of

0.6

million and

1.0

million shares were outstanding for the

three

-month periods ended

March 31, 2020

and

2019,

respectively, and were

not

included in the computation of diluted EPS because the awards’ impact on EPS would have been anti-dilutive.