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Computation of Earnings Per Share
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Computation of Earnings Per Share

Note I - Computation of Earnings Per Share

Basic earnings per share were computed by dividing net income by the weighted-average number of common shares outstanding for each respective period. Diluted earnings per share were calculated by dividing net income by the weighted-average of all potentially dilutive common shares that were outstanding during the years presented.

The calculation of basic and diluted earnings per share for the year ended December 31 was are as follows:

 

 

 

2021

 

 

2020

 

 

2019

 

Numerator

 

 

 

 

 

 

 

 

 

Net income

 

$

35,729

 

 

$

29,803

 

 

$

23,303

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

Determination of shares (in thousands)

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding

 

 

4,907

 

 

 

4,923

 

 

 

5,031

 

Dilutive effect - share-based awards

 

 

63

 

 

 

61

 

 

 

56

 

Diluted weighted-average common shares outstanding

 

 

4,970

 

 

 

4,984

 

 

 

5,087

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share

 

 

 

 

 

 

 

 

 

Basic

 

$

7.28

 

 

$

6.05

 

 

$

4.63

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

$

7.19

 

 

$

5.98

 

 

$

4.58

 

 

For the year ended December 31, 2021, 2020 and 2019, 13,000, 37,919 and 15,041 stock options, respectively, were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive.