Earnings Per Share

12 Months Ended

Dec. 31, 2022

Note 11. Earnings per Share

Per share data is determined by using the weighted average number of common shares outstanding. Common equivalent shares are considered only for diluted earnings per share, unless considered anti-dilutive. Common equivalent shares, determined using the treasury stock method, result from stock options with exercise prices that are below the average market price of the common stock.

Basic earnings per share include no dilution and are computed by dividing income available to common shareholders by the weighted-average number of shares outstanding during the period. Diluted earnings per share reflect the potential of securities that could share in our earnings.

A reconciliation of the weighted average number of common shares outstanding (in thousands) for the years ended December 31 is as follows:


	2022		2021
Common shares outstanding, beginning of the period		12,727		12,618
Weighted average common shares issued		31		60
Weighted average number of common shares outstanding		12,758		12,678
Dilutive effect of common share equivalents		-		-
Diluted weighted average number of common shares outstanding		12,758		12,678

Common stock equivalents (in thousands) that have been excluded from the calculation of earnings per share as of December 31 because they would have been anti-dilutive are as follows:


	2022		2021
Stock options		148		188