Earnings Per Share

9 Months Ended

Sep. 30, 2022

Note 9 –Earnings Per Share

Basic earnings per share are computed by dividing net income by the weighted average number of shares of Common Stock outstanding during the period. The Company’s diluted earnings per share give effect to all potential shares of Common Stock outstanding during a period that do not have an anti-dilutive impact to the calculation. In computing the diluted earnings per share, the treasury stock method is used in determining the number of shares assumed to be issued from the exercise of Common Stock equivalents.

The following table illustrates earnings per share and the weighted average shares outstanding used in calculating basic and diluted earnings per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net income	$	9,827	$	15,686	$	28,646	$	73,386

Basic weighted average shares of Common Stock outstanding		33,162,181		33,177,743		33,105,854		33,075,399
Dilutive effect of stock options, restricted stock awards and restricted stock units		308,258		431,341		353,896		413,501
Diluted weighted average shares of Common Stock outstanding		33,470,439		33,609,084		33,459,750		33,488,900

Basic earnings per share	$	0.30	$	0.47	$	0.87	$	2.22
Diluted earnings per share	$	0.29	$	0.47	$	0.86	$	2.19

There were no shares excluded from the Company’s diluted earnings per share for the three and nine months ended September 30, 2022 and 2021 on the basis that their inclusion would have an anti-dilutive impact on the calculation.