Earnings Per Share

9 Months Ended

Sep. 30, 2023

Note 5. 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) is as follows. The dilutive effect of stock options and RSUs is excluded for periods in which the impact is anti-dilutive and when the Company has a net loss because the impact is also anti-dilutive.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Common shares outstanding, beginning of the period		12,997		12,749		12,797		12,727
Weighted average common shares issued		-		-		104		20
Weighted average number of common shares outstanding		12,997		12,749		12,901		12,747
Dilutive effect of common share equivalents		-		-		-		-
Diluted weighted average number of common shares outstanding		12,997		12,749		12,901		12,747

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


	Three Months and Nine Months Ended September 30,
	2023		2022
Stock options		56		153
Restricted stock units		20		88