Earnings Per Share

9 Months Ended

Sep. 30, 2022

(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, 2022 and 2021 is as follows:

(in thousands, except per share data)	For the three months ended				For the nine months ended
	September 30,				September 30,
	2022		2021		2022		2021

Net income	$	19,364		16,762	$	54,324		45,278
Weighted average common shares		19,111		19,249		19,159		19,272
Stock Options		1		3		1		6
Weighted average common shares including potential dilutive shares		19,112		19,252		19,160		19,278

Basic EPS	$	1.013		0.871	$	2.835		2.349

Diluted EPS	$	1.013		0.871	$	2.835		2.349

For both the three and nine months ended September 30, 2022 there were one thousand shares of weighted average antidilutive stock options excluded from dilutive earnings. For the three and nine months ended September 30, 2021 the weighted average antidilutive stock options excluded from dilutive earnings was approximately 60 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.