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Earnings Per Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share 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:
| For the three months ended September 30, |  | For the nine months ended September 30, |  |  |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
Net income applicable to common stockholders | $ | 25,232 |  |  | $ | 26,513 |  |  | $ | 79,519 |  |  | $ | 34,612 |  |  |  |  |
Weighted Average Shares |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding | 24,942,389 |  |  | 24,877,607 |  |  | 24,933,168 |  |  | 22,685,496 |  |  |  |  |
Effect of dilutive securities |  |  |  |  |  |  |  |  |  |  |
Stock-based awards | 415,418 |  |  | 531,208 |  |  | 432,129 |  |  | 596,437 |  |  |  |  |
Convertible notes payable | — |  |  | 85,500 |  |  | — |  |  | — |  |  |  |  |
Weighted average diluted common shares | 25,357,807 |  |  | 25,494,315 |  |  | 25,365,297 |  |  | 23,281,933 |  |  |  |  |
Earnings per common share |  |  |  |  |  |  |  |  |  |  |
Basic earnings per common share | $ | 1.01 |  |  | $ | 1.07 |  |  | $ | 3.19 |  |  | $ | 1.53 |  |  |  |  |
Effect of dilutive securities |  |  |  |  |  |  |  |  |  |  |
Stock-based awards | (0.01) |  |  | (0.03) |  |  | (0.06) |  |  | (0.04) |  |  |  |  |
Diluted earnings per common share | $ | 1.00 |  |  | $ | 1.04 |  |  | $ | 3.13 |  |  | $ | 1.49 |  |  |  |  |
Shares of common stock not considered in computing diluted earnings per share because they were antidilutive were as follows:
| For the three months ended September 30, |  | For the nine months ended September 30, |  |  |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
Stock-based awards | — |  |  | 845 |  |  | — |  |  | 34,828 |  |  |  |  |
Convertible notes payable | — |  |  | — |  |  | — |  |  | 85,500 |  |  |  |  |

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