Earnings per Share

6 Months Ended

Jun. 30, 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 120,534 shares that the Company repurchased from Parallel49 in July 2024. Shares excluded from the calculation of diluted earnings per share because their inclusion would be anti-dilutive were 15,185 and 105,884 for the three months ended June 30, 2024 and 2023, respectively, and 24,298 and 132,594 for the six months ended June 30, 2024 and 2023, respectively.

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net income	$	6,001	$	6,523	$	11,456	$	17,396
Denominator:
Basic weighted-average common shares outstanding		11,049,968		11,427,404		11,158,334		11,411,162
Dilutive shares		726,926		449,164		659,250		477,057
Diluted weighted-average common shares outstanding		11,776,894		11,876,568		11,817,584		11,888,219
Basic earnings per share	$	0.54	$	0.57	$	1.03	$	1.52
Diluted earnings per share	$	0.51	$	0.55	$	0.97	$	1.46