Earnings Per Share

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2022 and 2021 is as follows:

(in thousands, except per share data)	For the three months ended June 30,				For the six months ended June 30,
	2022		2021		2022		2021

Net income	$	17,871		14,433	$	34,960		28,516
Weighted average common shares		19,153		19,281		19,185		19,284
Stock Options		-		9		-		8
Weighted average common shares including potential dilutive shares		19,153		19,290		19,185		19,292

Basic EPS	$	0.933		0.749	$	1.822		1.479

Diluted EPS	$	0.933		0.748	$	1.822		1.478

For the three and six months ended June 30, 2022 there were 9,352 shares and 5,751 shares, respectively, of weighted average antidilutive stock options excluded from dilutive earnings. For the three and six months ended June 30, 2021 there were no weighted average antidilutive stock options excluded from dilutive earnings. 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.