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NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE | 9 Months Ended
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Sep. 30, 2023
NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE [Abstract] |
NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE | NOTE 10 – NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE Basic net income per share is based on the weighted average number of common shares outstanding. Diluted net income per share is based on the weighted average number of common shares outstanding, the potentially dilutive effect of employee stock options and restricted stock awards. The following table summarizes the shares used in computing basic and diluted net income per share:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Weighted average common shares outstanding during the period for basic computation |  |  | 10,276 |  |  |  | 9,477 |  |  |  | 9,929 |  |  |  | 9,451 |
Dilutive effect of employee stock options and awards |  |  | 3 |  |  |  | 15 |  |  |  | 4 |  |  |  | 22 |
Weighted average common shares outstanding during the period for diluted computation |  |  | 10,279 |  |  |  | 9,492 |  |  |  | 9,933 |  |  |  | 9,473 |
For the three and nine months ended September 30, 2023 and 2022, no shares of restricted stock awards were excluded from the calculations of diluted net income per share. The Company has 15,000,000 authorized shares of Class A Stock and 1,040,000 authorized shares of Class B Common Stock, or Class B Stock. As of September 30, 2023, 9,395,541 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding. As of September 30, 2022, 8,609,497 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding. The par value for both classes is $1.00 per share. Equity per common share was $23.12 and $19.86 at September 30, 2023 and December 31, 2022, respectively. These amounts were computed by dividing common stockholders' equity by the number of weighted average shares of common stock outstanding on September 30, 2023 and December 31, 2022, respectively.

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