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Earnings Per Share
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share

Note 9 – Earnings Per Share

Basic earnings per share are computed by dividing net income by the weighted average number of shares of the Company’s Common Stock, no par value (“Common Stock”), outstanding during the period. The Company’s diluted earnings per share give effect to all potential shares of Common Stock outstanding during a period that do not have an anti-dilutive impact to the calculation. In computing the diluted earnings per share, the treasury stock method is used in determining the number of shares assumed to be issued from the exercise of Common Stock equivalents.

The following table illustrates earnings per share and the weighted average shares outstanding used in calculating basic and diluted earnings per share:

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Net income

 

$

14,785

 

 

$

7,963

 

 

 

 

 

 

 

 

Basic weighted average shares of Common Stock outstanding

 

 

31,543,784

 

 

 

33,181,828

 

Dilutive effect of stock options, restricted stock awards and restricted stock units

 

 

147,547

 

 

 

204,306

 

Diluted weighted average shares of Common Stock outstanding

 

 

31,691,331

 

 

 

33,386,134

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.47

 

 

$

0.24

 

Diluted earnings per share

 

$

0.47

 

 

$

0.24