EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2022

NOTE 14 - EARNINGS PER SHARE

Basic earnings per share is computed by dividing net earnings available to common shareholders by the weighted-average common shares outstanding for the period. There were no net earnings attributable to the noncontrolling interest during the quarter ended March 31, 2022. Diluted earnings per share reflects the maximum potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock and would then share in the net earnings of the Company. Dilutive share equivalents include stock-based awards issued to employees.

Stock options granted by the Company are treated as potential shares in computing earnings per share. Diluted shares outstanding include the dilutive effect of in-the-money awards which is calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the amount that the employee must pay for exercising stock options, the amount of compensation cost for future service that the Company has not yet recognized, and the amount of tax impact that would be recorded in additional paid-in capital when the award becomes deductible are assumed to be used to repurchase shares.

The computations of basic and diluted earnings per share for the Company were as follows for the:


	Quarter Ended March 31,
	2022		2021
Numerator:
Net earnings (basic)	$	10,738	$	10,962
Net earnings (diluted)	$	10,738	$	10,962

Denominator:
Weighted-average shares outstanding (basic)		12,109,074		12,038,638
Effect of dilutive securities:
Common stock equivalent shares from stock options		151,871		139,138
Weighted-average shares outstanding (diluted)		12,260,945		12,177,776

Net earnings per share
Basic	$	0.89	$	0.91
Diluted	$	0.88	$	0.90