Earnings Per Share

9 Months Ended

Sep. 30, 2020

Notes

Earnings Per Share

(9) Earnings Per Share. Basic earnings per share is calculated by dividing net income attributable to the common stockholders of the company by the weighted average number of common shares outstanding during the period.  Diluted earnings per share is calculated by assuming the exercise of stock options at the closing price of stock at the end of 3rd quarter 2020.

The following table reconciles the numerator and the denominator used to calculate basic and diluted earnings per share:

(in thousands)	Three months ended		Nine months ended
	September 30,		September 30,
	2020	2019	2020	2019
Numerator
Net income	2,933	3,705	7,386	10,369
Denominator
Weighted average shares, basic	3,642	3,720	3,664	3,722
Dilutive effect of stock options	11	17	14	16
Diluted shares	3,653	3,737	3,678	3,738
Earnings per share, basic	0.81	1.00	2.02	2.79
Earnings per share, diluted	0.80	0.99	2.01	2.77