Income and Dividends Per Share of Common Stock

3 Months Ended

Mar. 31, 2024

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

At March 31, 2024, the Company had 30,000,000 shares of common stock authorized and 5,709,226 shares outstanding. On May 2, 2024, shareholders will vote at the Company’s 2024 Annual Meeting of Shareholders on a proposal to increase the number of authorized shares of common stock to 45,000,000.

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,
	2024		2023
Net income for basic and diluted income per common share	$	22,439	$	17,104
Weighted-average shares for basic income per common share		5,707		5,685
Effect of dilutive securities:
Employee and director stock options(1)		18		13
Adjusted weighted-average shares and assumed exercises for diluted income per common share		5,725		5,698
Basic net income per common share	$	3.93	$	3.01
Diluted net income per common share	$	3.92	$	3.00

(1) No stock options were excluded due to being antidilutive.

The Company paid $0.25 and $0.20 of cash dividends per share of common stock in the three months ended March 31, 2024 and 2023, respectively.