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Net Income Per Share
6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Net Income Per Share

Note 8. Net Income Per Share

 

The table below shows the weighted average number of shares used in computing net income per common share and the effect of the weighted average number of shares of potential dilutive common stock for the three and six months ended June 30, 2023 and 2022. Diluted net income per share is computed based on the weighted average number of shares of common stock equivalents outstanding, to the extent dilutive. The Company’s common stock equivalents relate to outstanding common stock options. The recipients of unvested restricted shares have full voting and dividend rights, and as such, unvested restricted stock as of June 30, 2023 and June 30, 2022 is included in the calculation of basic and diluted net income per share (dollars below reported in thousands except per share data).

 

Three Months Ended

 

June 30, 2023

 

 

June 30, 2022

 

 

 

Net
Income

 

 

Weighted
Average
Shares

 

 

Per
Share
Amount

 

 

Net
Income

 

 

Weighted
Average
Shares

 

 

Per
Share
Amount

 

Basic net income per share

 

$

5,651

 

 

 

5,357,873

 

 

$

1.05

 

 

$

5,685

 

 

 

5,326,271

 

 

$

1.07

 

Effect of dilutive stock options

 

 

-

 

 

 

17,200

 

 

 

-

 

 

 

-

 

 

 

20,737

 

 

 

(0.01

)

Diluted net income per share

 

$

5,651

 

 

 

5,375,073

 

 

$

1.05

 

 

$

5,685

 

 

 

5,347,008

 

 

$

1.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

June 30, 2023

 

 

June 30, 2022

 

 

 

Net
Income

 

 

Weighted
Average
Shares

 

 

Per
Share
Amount

 

 

Net
Income

 

 

Weighted
Average
Shares

 

 

Per
Share
Amount

 

Basic net income per share

 

$

11,442

 

 

 

5,348,040

 

 

$

2.14

 

 

$

10,609

 

 

 

5,319,166

 

 

$

1.99

 

Effect of dilutive stock options

 

 

-

 

 

 

27,505

 

 

 

(0.01

)

 

 

-

 

 

 

26,076

 

 

 

(0.01

)

Diluted net income per share

 

$

11,442

 

 

$

5,375,545

 

 

$

2.13

 

 

$

10,609

 

 

 

5,345,242

 

 

$

1.98

 

 

For the three and six months ended June 30, 2023, there were 105,501 option shares considered anti-dilutive and excluded from this calculation. For the three and six months ended June 30, 2022, there were 101,901 option shares considered anti-dilutive and excluded from this calculation.