Net Income Per Share

6 Months Ended

Jun. 30, 2023

12. Net Income Per Share

Basic net income per share is computed on the basis of the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed based upon the weighted-average number of common shares outstanding during the period plus the assumed issuance of common shares for all potentially dilutive securities.

The net income used in the calculation of basic and diluted net income per share is as follows:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Net income	$	430,589	$	10,582,988	$	3,960,416	$	16,388,876

In calculating the net income per share, basic and diluted, the following weighted-average shares were used:


	Three months ended June 30,		Six months ended June 30,
	2023	2022	2023	2022
Basic weighted-average number of shares outstanding	22,749,322	23,576,746	22,869,440	23,627,015
Dilutive stock options	2,027	25,405	5,394	19,630
Unvested time-based restricted shares	23,892	103,258	22,338	39,340
Unvested performance-based restricted shares	8,746	116,714	7,750	110,181
Diluted weighted average shares outstanding	22,783,987	23,822,123	22,904,922	23,796,166

The Company excluded the following shares from the diluted EPS because their inclusion would have been anti-dilutive.


	Three months ended June 30,		Six months ended June 30,
	2023	2022	2023	2022
Anti-dilutive options	67,973	72,095	64,606	77,870
Anti-dilutive unvested time-based restricted shares	274,318	146,740	275,872	169,127
Anti-dilutive unvested performance-based restricted shares	7,087	34,786	8,083	41,319
Total Anti-dilutive shares	349,378	253,621	348,561	288,316