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Computation of Earnings Per Share | 9 Months Ended
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Sep. 30, 2020
Earnings Per Share [Abstract] |
Computation of Earnings Per Share | NOTE G – COMPUTATION OF EARNINGS PER SHARE Basic earnings per share were computed by dividing Net income by the weighted-average number of common shares outstanding for each respective period. Diluted earnings per share were calculated by dividing Net income by the weighted-average of all potentially dilutive common stock that was outstanding during the periods presented. The calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2020 and 2019 was as follows:
|  | Three Months Ended September 30 |  |  | Nine Months Ended September 30 |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Numerator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 12,954 |  |  | $ | 7,951 |  |  | $ | 27,133 |  |  | $ | 17,679 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Determination of shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding |  |  | 4,917 |  |  |  | 5,024 |  |  |  | 4,963 |  |  |  | 5,039 |
Dilutive effect - share-based awards |  |  | 94 |  |  |  | 95 |  |  |  | 35 |  |  |  | 38 |
Diluted weighted-average common shares outstanding |  |  | 5,011 |  |  |  | 5,119 |  |  |  | 4,998 |  |  |  | 5,077 |
Earnings per common share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 2.63 |  |  | $ | 1.58 |  |  | $ | 5.47 |  |  | $ | 3.51 |
Diluted |  | $ | 2.59 |  |  | $ | 1.55 |  |  | $ | 5.43 |  |  | $ | 3.48 |
For the three and nine-month periods ended September 30, 2020, 45,500 and 35,364 stock options, respectively, were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive. For both three and nine-month periods ended September 30, 2019, 15,000 stock options were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive.

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