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Earnings Per Share | 9 Months Ended
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Sep. 30, 2022
Earnings Per Share [Abstract] |
Earnings Per Share | Note 9 – Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share:
|  | Three Months Ended September 30 |  |  | Nine Months Ended September 30 |
(in thousands except per share data) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 19,372 |  |  | $ | 21,142 |  |  | $ | 59,371 |  |  | $ | 68,691 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares |  |  | 17,841 |  |  |  | 17,790 |  |  |  | 17,832 |  |  |  | 17,783 |
Diluted earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of dilutive stock options and restricted stock grants |  |  | 16 |  |  |  | 18 |  |  |  | 12 |  |  |  | 15 |
Adjusted weighted average shares |  |  | 17,857 |  |  |  | 17,808 |  |  |  | 17,844 |  |  |  | 17,798 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings per share |  | $ | 1.09 |  |  | $ | 1.19 |  |  | $ | 3.33 |  |  | $ | 3.86 |
Diluted earnings per share |  |  | 1.08 |  |  |  | 1.19 |  |  |  | 3.33 |  |  |  | 3.86 |
There were no options to purchase common shares that were excluded from the diluted calculations above for the three and nine months ended September 30, 2022 and 2021. In addition to in-the-money stock options, unvested restricted stock grants were also used in the calculation of diluted earnings per share based on the treasury method.

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