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Computation of Earnings Per Share | 6 Months Ended
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Jun. 30, 2023
Earnings Per Share [Abstract] |
Computation of Earnings Per Share | Note 10 – 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 periods presented. The calculation of basic and diluted earnings per share for the three and six months ended June 30, was as follows:
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
| 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Numerator |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 20,472 |  |  | $ | 13,712 |  |  | $ | 41,870 |  |  | $ | 25,997 |
Denominator |  |  |  |  |  |  |  |  |  |  |
Determination of shares (in thousands) |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding |  | 4,944 |  |  |  | 4,940 |  |  |  | 4,940 |  |  |  | 4,934 |
Dilutive effect – share-based awards |  | 80 |  |  |  | 15 |  |  |  | 73 |  |  |  | 20 |
Diluted weighted-average common shares outstanding |  | 5,024 |  |  |  | 4,955 |  |  |  | 5,013 |  |  |  | 4,954 |
Earnings per common share |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 4.14 |  |  | $ | 2.78 |  |  | $ | 8.48 |  |  | $ | 5.27 |
Diluted | $ | 4.08 |  |  | $ | 2.77 |  |  | $ | 8.35 |  |  | $ | 5.25 |
For the three months ended June 30, 2023 and 2022, there were zero and 18,000 stock options, respectively, which were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive. For the six months ended June 30, 2023 and 2022, there were zero and 23,000 stock options, respectively, which were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive.

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