EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2024

Earnings per share is based on the weighted average number of shares outstanding for the period. A reconciliation of the basic and diluted earnings per share is as follows:


	Three Months Ended
(Share count in thousands)	March 31, 2024		March 31, 2023

Basic
Net income attributable to common stockholders	$	4,088	$	3,662
Weighted average common shares outstanding	10,439		10,472
Basic earnings per share	$	0.39	$	0.35
Diluted
Net income attributable to common stockholders	$	4,088	$	3,662
Weighted average common shares outstanding	10,439		10,472

Add: Dilutive stock options outstanding	4		6
Average shares and dilutive potential common shares	10,443		10,478
Diluted earnings per share	$	0.39	$	0.35
Additional common stock option shares that have not been included due to their antidilutive effect	20		20

Dilutive shares outstanding consist of exercisable stock options whose strike prices were less than the quarterly average closing price of the Company’s common stock. At both March 31, 2024 and March 31, 2023, there were 20 exercisable stock options, with a potentially dilutive effect. However their strike prices were higher than the quarterly average closing price of the Company’s common stock and thus, excluded from diluted shares outstanding.