Earnings Per Share

3 Months Ended

Mar. 31, 2022

(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 months ended March 31, 2022 and 2021 is as follows:

(in thousands, except per share data)	For the three months ended March 31,
	2022		2021
Net income	$	17,089		14,083
Weighted average common shares (1)		19,209		19,287
Stock Options (1)		1		6
Weighted average common shares including potential dilutive shares (1)		19,210		19,293

Basic EPS (1)	$	0.890		0.730

Diluted EPS (1)	$	0.890		0.730

(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 both the three months, ended March 31, 2022 and 2021 there were approximately 60 thousand weighted average anti-dilutive stock options excluded from diluted earnings per share. 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.