Earnings Per Share

6 Months Ended

Jun. 30, 2023

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, 2023 and 2022, the Company had 247,945 and 662,289 securities, respectively, that were potentially dilutive in earnings per share calculations. For the six months ended June 30, 2023 and 2022, the Company had 264,204 and 671,318 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, 2023 and 2022. 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,
	2023	2022	2023	2022
Basic:
Weighted average shares outstanding	32,290,392	30,949,298	32,235,842	30,960,277
Diluted:
Total basic weighted average shares outstanding	32,290,392	30,949,298	32,235,842	30,960,277
Effect of potentially dilutive securities:
Common stock options	—	—	—	—
Total weighted average shares outstanding assuming dilution	32,290,392	30,949,298	32,235,842	30,960,277