Income and Dividends Per Share of Common Stock (Tables)

3 Months Ended

Mar. 31, 2023

Income and Dividends Per Share of Common Stock

Schedule of computation of basic and diluted income per common share

The following table sets forth the computation of basic and diluted income per common share (in thousands, except per share amounts):

	Three Months Ended March 31,
	2023		2022
Net income for basic and diluted income per common share	$	17,104	$	8,668
Weighted-average shares for basic income per common share		5,685		5,667
Effect of dilutive securities:
Employee and director stock options(1)		13		10
Adjusted weighted-average shares and assumed exercises for diluted income per common share		5,698		5,677
Basic net income per common share	$	3.01	$	1.53
Diluted net income per common share	$	3.00	$	1.53

(1) Excludes 7 stock options for the three months ended March 31, 2022 as anti-dilutive because the exercise price exceeded the average per share market price for the period. No stock options were excluded for the three months ended March 31, 2023 as anti-dilutive.