Earnings Per Share

9 Months Ended

Sep. 30, 2023

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