Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Note 9 – Earnings Per Share

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

	Three Months Ended
	March 31
(in thousands except per share data)	2023		2022
Numerator:
Net income	$	19,313	$	19,728
Denominator:
Basic earnings per share:
Weighted average shares		17,872		17,820
Diluted earnings per share:
Effect of dilutive stock options and restricted stock grants		12		12
Adjusted weighted average shares		17,884		17,832
Earnings per share:
Basic earnings per share	$	1.08	$	1.11
Diluted earnings per share		1.08		1.11

There were no options to purchase common shares that were excluded from the diluted calculations above for the three months ended March 31, 2023 and 2022. In addition to in-the-money stock options, unvested restricted stock grants were also used in the calculation of diluted earnings per share based on the treasury method.