Earnings Per Share

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2023 and 2022 is as follows:

(in thousands, except per share data)	For the three months ended				For the six months ended
	June 30,				June 30,
	2023		2022		2023		2022

Net income	$	16,372	$	17,871	$	34,118	$	34,960
Weighted average common shares		19,024		19,153		19,024		19,185
Stock Options		-		-		1		-
Weighted average common shares including potential dilutive shares		19,024		19,153		19,025		19,185

Basic EPS	$	0.86	$	0.93	$	1.79	$	1.82

Diluted EPS	$	0.86	$	0.93	$	1.79	$	1.82

For the three and six months ended June 30, 2023 there were 77 thousand shares and approximately 52 thousand shares, respectively, of weighted average antidilutive stock options excluded from dilutive earnings. For the three and six months ended June 30, 2022 there were approximately 89 thousand shares and 60 thousand shares, respectively, of 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.