Net Income Per Share

6 Months Ended

Jun. 30, 2022

NET INCOME PER SHARE

Basic net income per share has been computed by dividing net income by the basic number of weighted average shares outstanding. Diluted net income per share has been computed by dividing net income by the diluted number of weighted average shares outstanding using the treasury stock method. The share effect is as follows:


	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2022	2021	2022	2021
Weighted average shares outstanding:
Common shares	13,069,364	16,424,346	13,483,613	16,570,985
Vested restricted stock units	366,143	365,843	366,098	353,029
Basic number of weighted average shares outstanding	13,435,507	16,790,189	13,849,711	16,924,014
Dilutive effect of restricted stock, restricted stock units and stock options	82,472	4,090	77,661	20,886
Dilutive number of weighted average shares outstanding	13,517,979	16,794,279	13,927,372	16,944,900

For the three and six months ended June 30, 2022, there were 67,264 and 56,492 stock options outstanding, respectively, that were excluded from the computation of diluted net income per share because their inclusion would have been anti-dilutive. For the three and six months ended June 30, 2022, there were no shares of restricted stock or restricted stock units outstanding that were excluded from the computation of diluted net income per share because their inclusion would have been anti-dilutive. For the three and six months ended June 30, 2021, there were no stock options, shares of restricted stock or restricted stock units outstanding that were excluded from the computation of diluted net income per share because their inclusion would have been anti-dilutive.