Earnings Per Share

12 Months Ended

Dec. 31, 2022

Basic earnings per share, excluding dilution, is computed by dividing earnings available to common stockholders’ by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock or resulted in the issuance of common stock that could then share in our earnings.

The following table sets forth the computation of basic and diluted earnings per share of common stock as of and for the years ended December 31,:


	2022		2021		2020
Net income applicable to common stockholders	$	59,182	$	43,164	$	47,585
Weighted Average Shares
Weighted average common shares outstanding	23,245,598		18,321,794		18,325,630
Effect of dilutive securities
Stock-based awards	592,873		448,991		149,908

Weighted average diluted common shares	23,838,471		18,770,785		18,475,538
Earnings per common share
Basic earnings per common share	$	2.55	$	2.36	$	2.60
Effect of dilutive securities
Stock-based awards	(0.07)		(0.06)		(0.02)
Diluted earnings per common share	$	2.48	$	2.30	$	2.58

Convertible notes payable for 85,500 shares of common stock and stock-based awards for 1,699 shares of common stock were not considered in computing diluted earnings per share for the year ended December 31, 2022, because they were antidilutive. Convertible notes payable for 323,984 shares of common stock were not considered in computing diluted earnings per share for the years ended December 31, 2021 and 2020 because they were antidilutive.