Computation of Earnings Per Share

9 Months Ended

Sep. 30, 2022

NOTE H – 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, 2022 and 2021 was as follows:


	Three Months Ended September 30				Nine Months Ended September 30
	2022		2021		2022		2021
Numerator
Net income	$	11,887	$	10,708	$	37,884	$	26,755
Denominator
Determination of shares
Weighted-average common shares outstanding		4,937		4,900		4,935		4,909
Dilutive effect – share-based awards		99		75		48		41
Diluted weighted-average common shares outstanding		5,036		4,975		4,983		4,950
Earnings per common share
Basic	$	2.41	$	2.19	$	7.68	$	5.45
Diluted	$	2.36	$	2.15	$	7.60	$	5.40

For the three and nine months ended September 30, 2022, 36,500 stock options were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive. For the three and nine months ended September 30, 2021, 13,000 stock options were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive.