Earnings Per Share

9 Months Ended

Sep. 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 nine months ended September 30, 2023 and 2022 is as follows:

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

Net income	$	14,680	$	19,364	$	48,798	$	54,324
Weighted average common shares		19,024		19,111		19,024		19,159
Stock Options		-		1		-		1
Weighted average common shares including potential dilutive shares		19,024		19,112		19,024		19,160

Basic EPS	$	0.77	$	1.01	$	2.57	$	2.84

Diluted EPS	$	0.77	$	1.01	$	2.57	$	2.84

For both the three and nine months ended September 30, 2023 there were 77 thousand weighted average antidilutive stock options excluded from dilutive earnings. For both the three and nine months ended September 30, 2022 there were 60 thousand 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.