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Computation of Earnings Per Share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Computation of Earnings Per Share

Note 11 – 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 shares that were outstanding during the years presented.

The calculation of basic and diluted earnings per share for the year ended December 31 was as follows:

 

 

 

2022

 

 

2021

 

 

2020

 

Numerator

 

 

 

 

 

 

 

 

 

Net income

 

$

54,395

 

 

$

35,729

 

 

$

29,803

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

Determination of shares (in thousands)

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding

 

 

4,931

 

 

 

4,907

 

 

 

4,923

 

Dilutive effect – share-based awards

 

 

68

 

 

 

63

 

 

 

61

 

Diluted weighted-average common shares outstanding

 

 

4,999

 

 

 

4,970

 

 

 

4,984

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share

 

 

 

 

 

 

 

 

 

Basic

 

$

11.03

 

 

$

7.28

 

 

$

6.05

 

Diluted

 

$

10.88

 

 

$

7.19

 

 

$

5.98

 

 

For the year ended December 31, 2022, 2021 and 2020, 31,500, 13,000 and 37,919 stock options, respectively, were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive.