Common Stock and Earnings Per Share

9 Months Ended

Sep. 30, 2023

Common Stock and Earnings Per Share [Abstract]

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.