Computation of Earnings Per Share

6 Months Ended

Jun. 30, 2023

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.