Earnings Per Share

6 Months Ended

Jun. 30, 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 June 30, 2022 and 2021, the Company had 662,289 and 893,604 securities, respectively, that were potentially dilutive in earnings per share calculations. For the six months ended June 30, 2022 and 2021, the Company had 671,318 and 904,486 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 and six months ended June 30, 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 June 30,		Six months ended June 30,
	2022	2021	2022	2021
Basic:
Weighted average shares outstanding	30,949,298	30,671,952	30,960,277	30,569,284
Diluted:
Total basic weighted average shares outstanding	30,949,298	30,671,952	30,960,277	30,569,284
Effect of potentially dilutive securities:
Common stock options	—	30,199	—	32,385
Total weighted average shares outstanding assuming dilution	30,949,298	30,702,151	30,960,277	30,601,669