BASIC AND DILUTED INCOME PER SHARE

6 Months Ended

Jun. 30, 2023

BASIC AND DILUTED INCOME PER COMMON SHARE

BASIC AND DILUTED INCOME PER COMMON SHARE

4.          BASIC AND DILUTED INCOME PER COMMON SHARE

Basic and diluted income per common share were calculated using the following:

	Three Months Ended				Six Months Ended
	June 30				June 30
	2023		2022		2023		2022
Net Income	$	14,915	$	3,757	$	24,135	$	5,822
Basic and Diluted Common Shares
Weighted Average Shares Outstanding - Basic		11,466		11,417		11,425		11,417
Dilution for Assumed Exercises of Nonvested Restricted Stock Units		60		—		52		4
Weighted Average Common Shares Outstanding - Diluted		11,526		11,417		11,477		11,421

Basic income per common share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted income per common share is calculated by dividing net income by the weighted average number of common and potential dilutive common shares outstanding. The Company uses the treasury stock method to account for the effect of nonvested restricted stock units on the computation of diluted income per share. For the three months ended June 30, 2023, 128 thousand nonvested restricted stock units would have been anti-dilutive. There were 5 thousand restricted stock units that vested in June 2023, with 29 thousand shares being issued and no shares being forfeited. For the six months ended June 30, 2023, 128 thousand of the nonvested restricted stock units would have been anti-dilutive. For the three months ended June 30, 2022, 160 thousand nonvested restricted stock units would have been anti-dilutive. For the six months ended June 30, 2022, none of the nonvested restricted stock units would have been anti-dilutive.