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Note 3 - Earnings Per Share
 3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Earnings Per Share [Text Block]

3.

EARNINGS PER SHARE

 

Basic earnings per share (“EPS”) is computed by dividing net income attributable to Ultralife by the weighted average shares outstanding during the period.  Diluted EPS includes the dilutive effect of securities, if any, and is calculated using the treasury stock method.  For the three-month period ended March 31, 2021, 459,650 stock options and 20,832 restricted stock awards were included in the calculation of diluted EPS as such securities are dilutive.  Inclusion of these securities resulted in 178,781 additional shares in the calculation of fully diluted earnings per share.  For the comparable three-month period ended March 31, 2020, 878,408 stock options and 25,833 restricted stock awards were included in the calculation of diluted EPS resulting in 211,286 additional shares in the calculation of fully diluted earnings per share. There were 668,917 and 653,500 outstanding stock options for the three-month periods ended March 31, 2021 and March 31, 2020, respectively, which were not included in diluted EPS as the effect would be anti-dilutive.