Weighted Average Shares and Net Income Per Share

3 Months Ended

Jun. 30, 2023

Weighted Average Shares and Net Income Per Share

Note 5 — Weighted Average Shares and Net Income Per Share

Basic weighted average common shares outstanding decreased to 17,144,000 for the quarter ended June 30, 2023 from 17,506,000 for the quarter ended June 30, 2022. Diluted weighted average common and common equivalent shares outstanding decreased to 17,385,000 for the quarter ended June 30, 2023 from 17,803,000 for the quarter ended June 30, 2022.

Net income per common and common equivalent share was computed by dividing net income by the weighted average number of common and common share equivalents outstanding during the period. The following table sets forth the calculations of the basic and diluted weighted average common shares for the three months ended June 30, 2023 and 2022:


	Three Months Ended June 30,
	2023		2022
Net Income	$	19,805,000	$	16,691,000
Basic:
Weighted average common shares outstanding		17,144,000		17,506,000
Net Income per share	$	1.16	$	0.95
Diluted:
Weighted average common shares outstanding		17,144,000		17,506,000
Treasury stock impact of stock options		241,000		297,000
Total common and common equivalent shares		17,385,000		17,803,000
Net Income per share	$	1.14	$	0.94