Earnings Per Share

6 Months Ended

Jun. 30, 2021

(2) Earnings Per Share

The Company computes earnings per share in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share (“ASC 260”).

A reconciliation of the component parts of earnings per share for the three and six months ended June 30, 2021 and 2020 is as follows:

(in thousands, except per share data)	For the three months ended June 30,				For the six months ended June 30,
	2021		2020		2021		2020

Net income	$	14,433		11,254	$	28,516		24,567
Weighted average common shares (1)		19,281		19,287		19,284		19,316
Stock Options (1)		9		-		8		3
Weighted average common shares including potential dilutive shares (1)		19,290		19,287		19,292		19,319

Basic EPS (1)	$	0.749		0.584	$	1.479		1.272

Diluted EPS (1)	$	0.748		0.584	$	1.478		1.272

(1)	Share and per share amounts have been adjusted for all periods presented for the 1 for 5 reverse stock split which occurred on May 28, 2021.

For the three and six months ended June 30, 2021 there were no weighted average antidilutive stock options excluded from dilutive earnings. For the three and six months ended June 30, 2020 the weighted average antidilutive stock options excluded from dilutive earnings were approximately 90 thousand shares. The stock options are antidilutive because the strike price is greater than the average fair value of the Company’s common stock for the periods presented.