EARNINGS PER SHARE

9 Months Ended

Sep. 30, 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				Nine Months Ended
(Share count in thousands)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023

Basic
Net income attributable to common stockholders	$	3,286	$	2,498	$	11,049	$	9,366
Weighted average common shares outstanding	10,198		10,470		10,335		10,473
Basic earnings per share	$	0.32	$	0.24	$	1.07	$	0.89
Diluted
Net income attributable to common stockholders	$	3,286	$	2,498	$	11,049	$	9,366
Weighted average common shares outstanding	10,198		10,470		10,335		10,473

Add: Dilutive stock options outstanding	6		—		5		2
Average shares and dilutive potential common shares	10,204		10,470		10,340		10,475
Diluted earnings per share	$	0.32	$	0.24	$	1.07	$	0.89
Additional common stock option shares that have not been included due to their antidilutive effect	20		40		20		40

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 September 30, 2024 and September 30, 2023, there were 20 and 40 exercisable stock options, respectively, with a potentially dilutive effect. However their strike prices were higher than the quarterly and annual average closing prices of the Company’s common stock and thus, excluded from diluted shares outstanding.