Earnings Per Share

3 Months Ended

Mar. 31, 2023

(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, 2023 and 2022 is as follows:

(in thousands, except per share data)	For the three months ended
	March 31,
	2023		2022
Net income	$	17,746	$	17,089
Weighted average common shares		19,024		19,209
Stock Options		3		1
Weighted average common shares including potential dilutive shares		19,027		19,210

Basic EPS	$	0.93	$	0.89

Diluted EPS	$	0.93	$	0.89

For the three months, ended March 31, 2023 and 2022 there were approximately 2 thousand and 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.