Earnings Per Share

12 Months Ended

Dec. 31, 2023

Note 12 — 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:


	Year Ended December 31,
	2023		2022		2021
Net income	$	40,343	$	24,441	$	93,434

Basic weighted average shares of Common Stock outstanding		32,778,055		33,126,202		33,085,732
Dilutive effect of stock options, restricted stock awards and restricted stock units		288,862		376,952		423,988
Diluted weighted average shares of Common Stock outstanding		33,066,917		33,503,154		33,509,720

Basic earnings per share	$	1.23	$	0.74	$	2.82
Diluted earnings per share	$	1.22	$	0.73	$	2.79

See Note 17, "Accounting for Stock Based Compensation," for information about the Company’s different equity incentive plans.