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Note 3 - Net Income Per Share
 3 Months Ended
Jun. 30, 2021
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 3:   Net Income Per Share

 

In accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 260 (“Earnings Per Share”) basic net income per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per common share includes the dilutive effect of potential restricted stock and the effects of the potential conversion of preferred shares, calculated using the treasury stock method. Unvested restricted stock and convertible preferred shares issued by the Company represent the only dilutive effect reflected in the diluted weighted average shares outstanding.

 

The following is a reconciliation of the numerators and denominators of the basic and diluted net income per share computations for the periods presented (in thousands, except for per share amounts):

 

  

Three Months Ended June 30,

 
  

2021

  

2020

 

Net income (numerator):

        

Net income

 $4,428  $7,768 
         

Shares (denominator):

        
         

Weighted average number of common shares outstanding used in basic computation

  20,109   19,984 

Common shares issuable upon vesting of restricted stock

  81   48 

Common shares issuable upon conversion of preferred shares

  10   10 

Shares used in diluted computation

  20,200   20,042 
         

Net income per common share:

        
         

Basic

 $0.22  $0.39 

Diluted

 $0.22  $0.39 

 

For the three months ended June 30, 2021 and 2020, 22,248 and 72,120 shares of common restricted stock, respectively, were excluded from the computations of diluted net income per common share, as their inclusion would have had an anti-dilutive effect on diluted net income per common share.