Earnings Per Share

9 Months Ended

Sep. 30, 2021

(2) Earnings Per Share

The Company computes earnings per share in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share (“ASC 260”). A reconciliation of the component parts of earnings per share for the three and nine months ended September 30, 2021 and 2020 is as follows:

(in thousands, except per share data)	For the three months ended September 30,				For the nine months ended September 30,
	2021		2020		2021		2020

Net income	$	16,762		14,071	$	45,278		38,638
Weighted average common shares (1)		19,249		19,287		19,272		19,306
Stock Options (1)		3		1		6		2
Weighted average common shares including potential dilutive shares (1)		19,252		19,288		19,278		19,308

Basic EPS (1)	$	0.871		0.730	$	2.349		2.002

Diluted EPS (1)	$	0.871		0.730	$	2.349		2.001

(1)	Share and per share amounts have been adjusted for all periods presented for the 1 for 5 reverse stock split which occurred on May 28, 2021.

For the three and nine months ended September 30, 2021 there were 60 thousand weighted average antidilutive stock options excluded from dilutive earnings. For the three and nine months ended September 30, 2020 the weighted average antidilutive stock options excluded from dilutive earnings were approximately 90 thousand shares. The stock options are antidilutive because the strike price is greater than the average fair value of the Company’s common stock for the periods presented and have been adjusted to reflect the Reverse Stock Split.