5. Income and Dividends Per Share of Common Stock The following table sets forth the computation of basic and diluted income per common share (in thousands, except per share amounts): | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2023 | | 2022 | | 2023 | | 2022 | | Net income for basic and diluted income per common share | | $ | 19,712 | | $ | 10,238 | | $ | 36,816 | | $ | 18,906 | | Weighted-average shares for basic income per common share | | | 5,692 | | | 5,672 | | | 5,688 | | | 5,670 | | Effect of dilutive securities: | | | | | | | | | | | | | | Employee and director stock options(1) | | | 14 | | | 8 | | | 14 | | | 9 | | Adjusted weighted-average shares and assumed exercises for diluted income per common share | | | 5,706 | | | 5,680 | | | 5,702 | | | 5,679 | | Basic net income per common share | | $ | 3.46 | | $ | 1.80 | | $ | 6.47 | | $ | 3.33 | | Diluted net income per common share | | $ | 3.45 | | $ | 1.80 | | $ | 6.46 | | $ | 3.33 | |
(1) | Excludes 17 and 14 stock options for the three- and six-month periods ended June 30, 2022, respectively, as anti-dilutive because the exercise price exceeded the average per share market price for the period. No stock options were excluded for the 2023 periods as anti-dilutive. |
The Company paid $0.20 and $0.40 of cash dividends per share of common stock in each of the three- and six- month periods ended June 30, 2023 and 2022, respectively.
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