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Common Stock and Earnings Per Share | 9 Months Ended
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Sep. 30, 2023
Common Stock and Earnings Per Share [Abstract] |
Common Stock and Earnings Per Share | 4. Common Stock and Earnings Per Share Net income of $7,568 and $5,681 for the three months ended September 30, 2023 and 2022, respectively, and $17,745 and $14,569 for the nine months ended September 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 September 30 |  |  | Nine Months Ended September 30 |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Weighted average common shares, basic |  |  | 14,300,995 |  |  |  | 14,254,570 |  |  |  | 14,288,580 |  |  |  | 13,853,816 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employee stock-based compensation |  |  | 834 |  |  |  | 703 |  |  |  | 305 |  |  |  | 407 |
Weighted average common shares, diluted |  |  | 14,301,829 |  |  |  | 14,255,273 |  |  |  | 14,288,885 |  |  |  | 13,854,223 |
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, 2023 and 2022. As of September 30, 2023, 618,004 shares remain authorized for repurchase.

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- Definition The entire disclosure for earnings per share and other matters related to common stock. + References No definition available. + Details
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