Earnings Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

14.Earnings Per Share

Basic earnings per share is based on the weighted average number of common shares outstanding during each period. Diluted earnings per share is based on the weighted average number of common shares outstanding as well as the effect of all dilutive common stock equivalents during each period net income is generated. For the three months ended March 31, 2022 and 2021, the Company had 680,447 and 915,489 securities, respectively, that were potentially dilutive in earnings per share calculations. Such dilution is dependent on the excess of the market price of our stock over the exercise price and other components of the treasury stock method.  The exercise price for certain stock options awarded by the Company exceeded the average market

price of the Company’s common stock for the three months ended March 31, 2022 and 2021. Such stock options are antidilutive and are not included in the computation of earnings per share for those periods.

The following table reconciles the denominators used in the computations of both basic and diluted earnings per share:

	Three months ended March 31,
	2022	2021
Basic:
Weighted average shares outstanding	30,971,379	30,465,475
Diluted:
Total basic weighted average shares outstanding	30,971,379	30,465,475
Effect of potentially dilutive securities:
Common stock options	—	34,503
Total weighted average shares outstanding assuming dilution	30,971,379	30,499,978