XML 29 R19.htm IDEA: XBRL DOCUMENT v3.22.2
Net Income per Common Share
6 Months Ended
Jun. 30, 2022
Net Income per Common Share  
Net Income per Common Share

13. Net Income per Common Share

Basic earnings per common share is calculated based on the weighted average number of common shares outstanding for the period. Diluted earnings per common share is calculated based on the assumption that stock options and other dilutive securities outstanding, which have an exercise price less than the average market price of the Company’s common shares during the period, would have been exercised on the later of the beginning of the period or the date granted and that the funds obtained from the exercise were used to purchase common shares at the average market price during the period.

The effect of the Company’s dilutive securities is calculated using the treasury stock method and only those instruments that result in a reduction in net income per common share are included in the calculation. As of June 30, 2022 and 2021, potentially dilutive securities representing 60,000 shares and 130,000 shares, respectively, of common

stock were excluded from the computation of diluted earnings per share because their effect would have been antidilutive.

Basic and diluted net income per common share is calculated as follows:

    

Three months ended

Six months ended

June 30, 

June 30, 

    

2022

    

2021

2022

    

2021

Net income (in thousands)

$

6,565

$

8,334

$

9,183

$

10,735

Basic weighted average shares of common stock outstanding

24,024,542

23,958,319

24,010,061

23,788,152

Diluted effect of share-based awards

182,643

231,670

194,599

219,405

Diluted weighted average common shares outstanding

24,207,185

24,189,989

24,204,660

24,007,557

Net income per share:

Basic

$

0.27

$

0.35

$

0.38

$

0.45

Diluted

$

0.27

$

0.34

$

0.38

$

0.45