Earnings per Share

3 Months Ended

Mar. 31, 2024

Earnings per Share

Earnings per Share

11. Earnings per Share

Basic and diluted earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. The Company's calculation of weighted-average shares outstanding has been reduced by 244,314 shares that the Company is obligated to repurchase from Parallel49 in April 2024. Shares excluded from the calculation of diluted earnings per share because their inclusion would be anti-dilutive were 39,933 and 28,831 for the three months ended March 31, 2024 and 2023, respectively.

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended March 31,
	2024		2023
Numerator:
Net income	$	5,455	$	10,873
Denominator:
Basic weighted-average common shares outstanding		11,266,699		11,394,919
Dilutive shares		502,665		506,662
Diluted weighted-average common shares outstanding		11,769,364		11,901,581
Basic earnings per share	$	0.48	$	0.95
Diluted earnings per share	$	0.46	$	0.91