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Earnings Per Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE The following table sets forth the computation of the basic and diluted earnings per share (in thousands, except per share data):
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Numerator for basic and diluted earnings per share: |  |  |  |  |  |  |
Net income | $ | 9,866 |  |  | $ | 4,645 |  |  | $ | 23,098 |  |  | $ | 21,775 |
Less: Earnings allocated to unvested restricted stock | (127) |  |  | (44) |  |  | (304) |  |  | (194) |
Income attributable to common stockholders | $ | 9,739 |  |  | $ | 4,601 |  |  | $ | 22,794 |  |  | $ | 21,581 |
Denominator: |  |  |  |  |  |  |
Denominator for basic earnings per common share – weighted average shares outstanding | 15,011 |  |  | 14,820 |  |  | 14,951 |  |  | 14,791 |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock options | 64 |  |  | 83 |  |  | 33 |  |  | 78 |
Performance awards | 416 |  |  | 611 |  |  | 416 |  |  | 611 |
Denominator for diluted earnings per common share – weighted average shares outstanding | 15,491 |  |  | 15,514 |  |  | 15,400 |  |  | 15,480 |
Basic earnings per common share: | $ | 0.65 |  |  | $ | 0.31 |  |  | $ | 1.52 |  |  | $ | 1.46 |
Diluted earnings per common share: | $ | 0.63 |  |  | $ | 0.30 |  |  | $ | 1.48 |  |  | $ | 1.39 |
Stock options excluded from the computation of diluted earnings per share because the inclusion of such stock options would result in an antidilutive effect are as follows (in thousands):
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Antidilutive stock options | 1,070 |  |  | 1,234 |  |  | 1,192 |  |  | 1,200 |
Our performance awards are considered to be contingently issuable shares because their issuance is contingent upon the satisfaction of certain performance and service conditions. At September 30, 2024, we had satisfied certain performance criteria for the first, second and third predetermined growth targets of our performance awards to be considered outstanding. Therefore, we included these awards in the computation of diluted earnings per share as of the beginning of the reporting period.

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