Computation of Earnings Per Share

12 Months Ended

Dec. 31, 2024

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 years ended December 31 was as follows:


	2024		2023		2022
Numerator
Net income	$	37,094	$	63,332	$	54,395

Denominator
Determination of shares (in thousands)
Weighted-average common shares outstanding	4,908		4,920		4,931
Dilutive effect – share-based awards	39		77		68
Diluted weighted-average common shares outstanding	4,947		4,997		4,999

Earnings per common share
Basic	$	7.56	$	12.87	$	11.03
Diluted	$	7.50	$	12.68	$	10.88

For the years ended December 31, 2024, 2023 and 2022, 7,500, zero, and 31,500 stock options, respectively, were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive.