Earnings Per Share

3 Months Ended

Mar. 31, 2020

Note 8 – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended March 31
(in thousands except per share data)	2020		2019
Numerator:
Net income	$	6,579	$	14,939

Denominator:
Basic earnings per share:
Weighted average shares		17,752		17,712
Diluted earnings per share:
Effect of dilutive stock options and restricted stock grants		11		11
Adjusted weighted average shares		17,763		17,723

Earnings per share:
Basic earnings per share	$	0.37	$	0.84
Diluted earnings per share		0.37		0.84

Options to purchase 20,000 common shares at a weighted average price of $32.27 were excluded from the diluted calculations above for the three months ended March 31, 2020, because the exercise prices on the options were greater than the average market price for the period. There were no options to purchase common shares that were excluded from the diluted calculations above for the three months ended March 31, 2019. In addition to in-the-money stock options, unvested restricted stock grants were also used in the calculation of diluted earnings per share based on the treasury method.