Common Stock and Earnings Per Share

9 Months Ended

Sep. 30, 2021

Common Stock and Earnings Per Share [Abstract]

3. Common Stock and Earnings Per Share

Net income of $4,794 and $4,704 for the three months ended September 30, 2021 and 2020, respectively, and $12,983 and $12,888 for the nine months ended September 30, 2021 and 2020, respectively, is used to calculate both basic and diluted earnings per share. Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding plus potentially dilutive shares. The dilutive effect of employee stock-based compensation is included in the computation of diluted earnings per share and is calculated using the treasury stock method and expected proceeds upon exercise or issuance of the stock-based compensation.

The following table summarizes the shares used in computing basic and diluted earnings per share:

	Three Months Ended September 30				Nine Months Ended September 30
	2021		2020		2021		2020

Weighted average common shares, basic		13,083,762		13,032,389		13,069,582		13,021,398
Effect of dilutive securities:
Employee stock-based compensation		563		1,164		347		565
Weighted average common shares, diluted		13,084,325		13,033,553		13,069,929		13,021,963

On March 11, 2013, the Board of Directors, or the Board, authorized a share repurchase program granting the Company authority to repurchase up to 1,200,000 shares of the Company's common stock from time to time. The stock repurchase program has no specific end date and the Company may repurchase shares in the open market or through privately negotiated transactions. The Company may suspend or discontinue the repurchase program at any time. No shares were repurchased during the three or nine months ended September 30, 2021 and 2020. As of September 30, 2021, 618,004 shares remain authorized for repurchase.