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Earnings Per Share
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Earnings Per Share

Note 8 – 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,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income

 

$

15,844

 

 

$

9,827

 

 

$

22,256

 

 

$

28,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares of Common Stock outstanding

 

 

32,944,386

 

 

 

33,162,181

 

 

 

33,049,097

 

 

 

33,105,854

 

Dilutive effect of stock options, restricted stock awards and restricted stock units

 

 

251,614

 

 

 

308,258

 

 

 

261,504

 

 

 

353,896

 

Diluted weighted average shares of Common Stock outstanding

 

 

33,196,000

 

 

 

33,470,439

 

 

 

33,310,601

 

 

 

33,459,750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.48

 

 

$

0.30

 

 

$

0.67

 

 

$

0.87

 

Diluted earnings per share

 

$

0.48

 

 

$

0.29

 

 

$

0.67

 

 

$

0.86