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Net Income Per Share
3 Months Ended
Mar. 31, 2024
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 months ended March 31, 2024 and 2023. 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 March 31, 2024 and March 31, 2023 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

 

March 31, 2024

 

 

March 31, 2023

 

 

 

Net
Income

 

 

Weighted
Average
Shares

 

 

Per
Share
Amount

 

 

Net
Income

 

 

Weighted
Average
Shares

 

 

Per
Share
Amount

 

Basic net income per share

 

$

3,646

 

 

 

5,366,890

 

 

$

0.68

 

 

$

5,791

 

 

 

5,338,099

 

 

$

1.08

 

Effect of dilutive stock options

 

 

-

 

 

 

13,191

 

 

 

-

 

 

 

-

 

 

 

37,520

 

 

 

-

 

Diluted net income per share

 

$

3,646

 

 

 

5,380,081

 

 

$

0.68

 

 

$

5,791

 

 

 

5,375,619

 

 

$

1.08

 

 

For the three months ended March 31, 2024, there were 117,601 option shares considered anti-dilutive and excluded from this calculation. For the three months ended March 31, 2023, there were 101,481 option shares considered anti-dilutive and excluded from this calculation.