Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Earnings per share amounts have been retroactively adjusted for the effect of annual stock dividends. In accordance with GAAP, the basic and diluted earnings per share amounts were calculated as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net earnings	$	6,352,706	$	3,574,449	$	7,592,878	$	6,803,167
Denominator:
Basic weighted-average shares outstanding		22,005,332		22,233,852		22,066,991		22,331,911
Effect of dilutive securities:
Employee stock options		563,301		874,799		550,897		893,689
Diluted weighted-average shares outstanding		22,568,633		23,108,651		22,617,888		23,225,600
Basic net earnings per share	$	0.29	$	0.16	$	0.34	$	0.30
Diluted net earnings per share	$	0.28	$	0.15	$	0.34	$	0.29

Summary of Activities in Shares of Capital Stock

The following table summarizes the activity in shares of capital stock.

	Class A		Class C
Outstanding shares at December 31, 2021		17,642,722		2,866,565
Exercise of stock options		69,096		-
Stock dividends		889,554		139,462
Conversion of Class C to Class A		77,316		(77,316	)
Outstanding shares at June 30, 2022		18,678,688		2,928,711
Outstanding shares at December 31, 2022		18,758,031		2,889,859
Exercise of stock options		127,688		-
Vesting of restricted stock units		405		-
Stock dividends		949,675		141,594
Conversion of Class C to Class A		57,901		(57,901	)
Outstanding shares at June 30, 2023		19,893,700		2,973,552