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Note J - Earnings Per Share | 9 Months Ended
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Sep. 30, 2022
Notes to Financial Statements |
Earnings Per Share [Text Block] | Note J - Earnings Per Share In periods in which the Company has net income, the Company is required to calculate earnings per share (“EPS”) using the two-class method. The two-class method is required because the Company’s Series A Preferred Stock is considered a participating security with objectively determinable and non-discretionary dividend participation rights. Series A Preferred stockholders have the right to participate in dividends above their five percent dividend rate should the Company declare dividends on its common stock at a dividend rate higher than the five percent (on an as-converted basis). Under the two-class method, undistributed and distributed earnings are allocated on a pro-rata basis to the common and the preferred stockholders. The weighted-average number of common and preferred stock outstanding during the period is then used to calculate EPS for each class of shares. In periods in which the Company has a net loss, basic loss per share is calculated using the treasury stock method. The treasury stock method is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period. The two-class method is not used, because the calculation would be anti-dilutive. Reconciliations of basic and diluted EPS were as follows:
|  | Three Months Ended September 30, |
In thousands, except per share amounts |  | 2022 |  |  | 2021 |
Numerator: |  |  |  |  |  |  |  |
Net income |  | $ | 7,166 |  |  | $ | 4,404 |
Less: Preferred stock dividends |  |  | 125 |  |  |  | 125 |
Less: Earnings attributable to participating securities |  |  | 868 |  |  |  | 543 |
Numerator for basic EPS: income attributable to common stockholders |  |  | 6,173 |  |  | $ | 3,736 |
Effect of dilutive securities: |  |  |  |  |  |  |  |
Add back: Allocation of earnings to participating securities |  |  | 868 |  |  |  | 543 |
Less: Re-allocation of earnings to participating securities considering potentially dilutive securities |  |  | (827 | ) |  |  | (525 | )
Numerator for diluted EPS |  |  | 6,214 |  |  |  | 3,754 |
Denominator: |  |  |  |  |  |  |  |
Basic EPS denominator: weighted-average common shares outstanding |  |  | 7,125 |  |  |  | 6,889 |
Diluted EPS denominator |  |  | 7,524 |  |  |  | 7,162 |
Basic income per Common Share |  | $ | 0.87 |  |  | $ | 0.54 |
Diluted income per Common Share |  | $ | 0.83 |  |  | $ | 0.52 |
For the three months ended September 30, 2022 and 2021, respectively, the following shares have been excluded from the calculation of shares used in the diluted EPS calculation: 12,694 and 42,931 shares of anti-dilutive market price options; and 1,001,614 and 1,001,614 shares of anti-dilutive Series A Preferred Stock (as if converted).
|  | Nine Months Ended September 30, |
In thousands, except per share amounts |  | 2022 |  |  | 2021 |
Numerator: |  |  |  |  |  |  |  |
Net Income |  | $ | 14,972 |  |  | $ | 13,215 |
Less: Preferred stock dividend |  |  | 371 |  |  |  | 372 |
Less: Earnings attributable to common stockholders |  |  | 1,817 |  |  |  | 1,661 |
Numerator for basic EPS: income attributable to common stockholders |  |  | 12,784 |  |  |  | 11,182 |
Effect of dilutive securities: |  |  |  |  |  |  |  |
Add back: Allocation of earnings to participating securities |  |  | 1,817 |  |  |  | 1,661 |
Less: Re-allocation of earnings to participating securities considering potentially dilutive securities |  |  | (1,737 | ) |  |  | (1,578 | )
Numerator for diluted EPS |  | $ | 12,864 |  |  | $ | 11,265 |
Denominator: |  |  |  |  |  |  |  |
Basic EPS denominator: weighted-average common shares outstanding |  |  | 7,045 |  |  |  | 6,743 |
Diluted EPS denominator |  |  | 7,418 |  |  |  | 7,153 |
Basic income per Common Share |  | $ | 1.81 |  |  | $ | 1.66 |
Diluted income per Common Share |  | $ | 1.73 |  |  | $ | 1.57 |
For the nine months ended September 30, 2022 and 2021, respectively, the following shares have been excluded from the calculation of shares used in the diluted EPS calculation: 13,602 and 49,236 shares of anti-dilutive market price options; 16,849 and 62,541 of anti-dilutive unvested restricted shares; and 1,001,614 and 1,001,614 shares of anti-dilutive Series A Preferred Stock (as if converted).

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