Earnings Per Share

12 Months Ended

Dec. 31, 2023

Basic earnings per share, excluding dilution, is computed by dividing earnings available to common stockholders’ by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock or resulted in the issuance of common stock that could then share in our earnings.

The following table sets forth the computation of basic and diluted earnings per share of common stock as of and for the years ended December 31,:


	2023		2022		2021
Net income applicable to common stockholders	$	103,533	$	59,182	$	43,164
Weighted Average Shares
Weighted average common shares outstanding	24,938,359		23,245,598		18,321,794
Effect of dilutive securities
Stock-based awards	448,837		592,873		448,991

Weighted average diluted common shares	25,387,196		23,838,471		18,770,785
Earnings per common share
Basic earnings per common share	$	4.15	$	2.55	$	2.36
Effect of dilutive securities
Stock-based awards	(0.07)		(0.07)		(0.06)
Diluted earnings per common share	$	4.08	$	2.48	$	2.30

There were no antidilutive securities for the year ended December 31, 2023. Convertible notes payable for 85,500 shares of common stock and stock-based awards for 1,699 were not considered in computing diluted earnings per share for the year ended December 31, 2022, because they were antidilutive. Convertible notes payable for 323,984 shares of common stock were not considered in computing diluted earnings per share for the year ended December 31, 2021 because they were antidilutive.