Earnings Per Share

9 Months Ended

Sep. 30, 2021

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,
	2021		2020		2021		2020
Net income	$	15,686	$	24,146	$	73,386	$	25,697

Basic weighted average shares of Common Stock outstanding		33,177,743		32,623,532		33,075,399		32,631,423
Dilutive effect of stock options, restricted stock awards and restricted stock units		431,341		334,907		413,501		292,590
Diluted weighted average shares of Common Stock outstanding		33,609,084		32,958,439		33,488,900		32,924,013

Basic earnings per share	$	0.47	$	0.74	$	2.22	$	0.79
Diluted earnings per share	$	0.47	$	0.73	$	2.19	$	0.78

The following table represents Common Stock issuable upon the exercise of certain stock options that have been excluded from the diluted earnings calculation because the effect of their inclusion would be anti-dilutive.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Anti-dilutive securities share impact		—		12,000		—		179,500