Computation of Earnings Per Share

6 Months Ended

Jun. 30, 2021

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 six-month periods ended June 30, 2021 and 2020 was as follows:

	Three Months Ended June 30				Six Months Ended June 30
	2021		2020		2021		2020
Numerator
Net income	$	8,869	$	10,481	$	16,048	$	14,179
Denominator
Determination of shares
Weighted-average common shares outstanding		4,912		4,966		4,914		4,987
Dilutive effect - share-based awards		18		7		21		7
Diluted weighted-average common shares outstanding		4,930		4,973		4,935		4,994
Earnings per common share
Basic	$	1.81	$	2.11	$	3.27	$	2.84
Diluted	$	1.80	$	2.11	$	3.25	$	2.84

For the three and six-month periods ended June 30, 2021, 0 and 10,000 stock options, respectively, were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive. For the three and six-month periods ended June 30, 2020, 40,313 and 30,157 stock options, respectively, were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive.