COMMON STOCK AND EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

14. COMMON STOCK AND EARNINGS PER SHARE

The following table summarizes the share transactions for the three years ended December 31, 2023 (in thousands, except for share data):


	Shares Issued		Shares in Treasury
Balance January 1, 2021		55,056,730		(7,050,344	)
Purchase of Treasury Stock		—		(67,671	)
Sale of Treasury Stock		—		6,835
Issued for stock options and restricted stock		—		485,255
Balance December 31, 2021		55,056,730		(6,625,925	)
Purchase of Treasury Stock		—		(341,785	)
Sale of Treasury Stock		—		6,487
Issued for stock options and restricted stock		—		223,897
Balance December 31, 2022		55,056,730		(6,737,326	)
Purchase of Treasury Stock		—		(94,727	)
Sale of Treasury Stock		—		7,782
Issued for stock options and restricted stock		—		321,668
Balance December 31, 2023		55,056,730		(6,502,603	)

The Board authorized, at its April 26, 2022, and April 27, 2021 meetings, the repurchase of up to two million shares of the Company’s common stock during the twelve months following each meeting. On July 25, 2023, the Company's Board of Directors approved the repurchase of up to one million shares of the Company's common stock, which will terminate on April 30, 2024. All share purchases pursuant to the Repurchase Authorizations are intended to be within the scope of Rule 10b-18 promulgated under the Exchange Act. Rule 10b-18 provides a safe harbor for purchases in a given day if the Company satisfies the manner, timing and volume conditions of the rule when purchasing its own common shares. The Company has not made any repurchase of its securities other than pursuant to the Repurchase Authorizations.

Basic earnings per share are computed by dividing income available to common shareholders by the weighted average number of shares outstanding during the year. Diluted earnings per share gives effect to all potential common shares that were outstanding during the year.

The shares used in the calculation of basic and diluted earnings per share, are shown below:


	For the Years Ended December 31,
	2023		2022		2021
Weighted average basic common shares outstanding		48,503,643		48,340,922		48,271,462
Dilutive effect of stock options and restricted stock		260,177		406,477		466,830
Weighted average diluted common shares outstanding		48,763,820		48,747,399		48,738,292