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Net Income Per Share
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Net Income Per Share Net Income Per Share
The number of shares used to calculate basic net income per common share is based on the weighted average number of the Company’s outstanding common shares during the respective period. The number of shares used to calculate diluted net income per common share is based on the number of common shares used to calculate basic net income per common share plus the effect of potentially dilutive securities outstanding during the period, which is determined by the application of the treasury stock method. 

When applying the treasury stock method, anti-dilution generally occurs when the exercise prices or unrecognized compensation cost per share are higher than the Company’s average stock price during an applicable period. For the three months ended March 31, 2024 and 2023, no securities were excluded from the computation of dilutive net income per common share because they would have been anti-dilutive.

The following table presents the net income per common share for the three months ended March 31, 2024 and 2023:

Three Months Ended March 31,
20242023
Basic
Net income$126,995 $270,771 
Weighted average common shares outstanding - basic13,002,127 15,266,895 
Net income per common share - basic$9.77 $17.74 
Diluted
Weighted average common shares outstanding - basic13,002,127 15,266,895 
Dilutive effect of warrants— 158,304 
Dilutive effect of stock options— 1,999 
Dilutive effect of other stock-based instruments234,469 489,180 
Weighted average common shares outstanding - diluted13,236,596 15,916,378 
Net income per common share - diluted$9.59 $17.01