Net Income Per Share

6 Months Ended

Jun. 30, 2024

Basic net income per common share (“Basic EPS”), is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share (“Diluted EPS”) reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted into common stock. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect on net income per common share.

Following is a reconciliation of the numerator and denominator of Basic EPS to the numerator and denominator of Diluted EPS for the three and six months ended June 30, 2024 and 2023 (dollar and share amounts in thousands, except for per share information):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023



Net income attributable to common shareholders	$	1,349	$	2,422	$	3,670	$	3,282

Basic weighted average shares outstanding	18,647		19,293		18,737		19,073




Basic earnings per share attributable to common shareholders	$	0.07	$	0.13	$	0.20	$	0.17

Diluted shares outstanding:
Basic weighted-average shares outstanding	18,647		19,293		18,737		19,073
Stock-based awards	472		454		447		387
Diluted weighted-average shares outstanding	19,119		19,747		19,184		19,460




Diluted earnings per share attributable to common shareholders	$	0.07	$	0.12	$	0.19	$	0.17

Dilutive shares excluded from diluted-per-share amounts:
Share-based awards	790		735		790		735

Anti-dilutive shares excluded from diluted-per-share amounts:
Share-based awards	—		77		—		102

Potentially dilutive shares excluded from diluted-per-share amounts include performance-based restricted stock units, for which certain metrics have not been achieved. Potentially anti-dilutive shares excluded from diluted-per-share amounts include both non-qualified stock options and unearned performance-based options to purchase shares of common stock with exercise prices greater than the weighted-average share price during the period and shares that would be anti-dilutive to the computation of diluted net income per share for each of the periods presented.