Earnings Per Share

3 Months Ended

Mar. 31, 2024

(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, 2024 and 2023 is as follows:

(in thousands, except per share data)	For the three months ended
	March 31,
	2024		2023
Net income	$	12,126	$	17,746
Weighted average common shares		19,024		19,024
Stock Options and Restricted Stock Units		8		3
Weighted average common shares including potential dilutive shares		19,032		19,027

Basic EPS	$	0.64	$	0.93

Diluted EPS	$	0.64	$	0.93

For the three months, ended March 31, 2024 and 2023 there were approximately 48 thousand and 2 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.