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:
Schedule of Earnings Per Share, Basic and Diluted
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
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.
Summary of Activities 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 | | |
| - | |
Vesting of restricted stock units | |
| - | | |
| - | |
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 | |
Common stock, shares, outstanding, beginning | |
| 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 | |
Common stock, shares, outstanding, ending | |
| 19,893,700 | | |
| 2,973,552 | |
|