Common Stock and Earnings Per Share

6 Months Ended

Jun. 30, 2023

Common Stock and Earnings Per Share [Abstract]

4. Common Stock and Earnings Per Share

Net income of $6,524 and $5,029 for the three months ended June 30, 2023 and 2022, respectively, and $10,177 and $8,888 for the six months ended June 30, 2023 and 2022, 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 June 30				Six Months Ended June 30
	2023		2022		2023		2022

Weighted average common shares, basic		14,288,605		14,188,579		14,282,270		13,650,118
Effect of dilutive securities:
Employee stock-based compensation		1,230		1,123		857		1,060
Weighted average common shares, diluted		14,289,835		14,189,702		14,283,127		13,651,178

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 six months ended June 30, 2023 and 2022. As of June 30, 2023, 618,004 shares remain authorized for repurchase.