Computation of Earnings Per Share

6 Months Ended

Jun. 30, 2024

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,
	2024		2023		2024		2023
Numerator
Net income	$	9,366	$	20,472	$	18,962	$	41,870

Denominator
Determination of shares (in thousands)
Weighted-average common shares outstanding		4,915		4,944		4,915		4,940
Dilutive effect – share-based awards		49		80		40		73
Diluted weighted-average common shares outstanding		4,964		5,024		4,955		5,013

Earnings per common share
Basic	$	1.91	$	4.14	$	3.86	$	8.48
Diluted	$	1.89	$	4.08	$	3.83	$	8.35

For the three months ended June 30, 2024 and 2023, there were 5,570 and zero share-based awards, respectively, excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive. For the six months ended June 30, 2024 and 2023, there were zero share-based awards excluded from the calculation of diluted earnings per share.