Income and Dividends Per Share of Common Stock

9 Months Ended

Sep. 30, 2023

Income and Dividends Per Share of Common Stock

Income and Dividends Per Share of Common Stock

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net income for basic and diluted income per common share	$	20,733	$	15,726	$	57,549	$	34,632
Weighted-average shares for basic income per common share		5,696		5,674		5,691		5,671
Effect of dilutive securities:
Employee and director stock options(1)		16		6		14		8
Adjusted weighted-average shares and assumed exercises for diluted income per common share		5,712		5,680		5,705		5,679
Basic net income per common share	$	3.64	$	2.77	$	10.11	$	6.11
Diluted net income per common share	$	3.63	$	2.77	$	10.09	$	6.10

(1) Excludes 17 and 14 stock options for the three- and nine-month periods ended September 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 $0.60 of cash dividends per share of common stock in each of the three- and nine-month periods ended September 30, 2023 and 2022, respectively.