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Computation of Earnings Per Share
 3 Months Ended
Mar. 31, 2024
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 months ended March 31, was as follows:

 

 

Three Months Ended March 31,

 

 

2024

 

 

2023

 

Numerator

 

 

 

 

 

Net income

$

9,596

 

 

$

21,398

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

Determination of shares (in thousands)

 

 

 

 

 

Weighted-average common shares outstanding

 

4,915

 

 

 

4,937

 

Dilutive effect – share-based awards

 

29

 

 

 

60

 

Diluted weighted-average common shares outstanding

 

4,944

 

 

 

4,997

 

 

 

 

 

 

 

Earnings per common share

 

 

 

 

 

Basic

$

1.95

 

 

$

4.33

 

Diluted

$

1.94

 

 

$

4.28

 

 

For the three months ended March 31, 2024 and 2023, there were zero stock options which were excluded from the calculation of diluted earnings per share.