XML 22 R10.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Earnings Per Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share
(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, 2024 and 2023 is as follows:

(in thousands, except per share data)   For the three months ended     For the six months ended  
 
June 30,
    
June 30,
  
   
2024
    
2023
    
2024
    
2023
  
                         
Net income
  
$
12,551
    
$
16,372
    
$
24,677
    
$
34,118
  
Weighted average common shares
    
19,022
      
19,024
      
19,023
      
19,024
  
Effect of Dilutive Securities:
                               
Stock Options and Restricted Stock Units
    
11
      
-
      
10
      
1
  
Weighted average common shares including potential dilutive shares
    
19,033
      
19,024
      
19,033
      
19,025
  
                                 
Basic EPS
  
$
0.66
    
$
0.86
    
$
1.30
    
$
1.79
  
                                 
Diluted EPS
  
$
0.66
    
$
0.86
    
$
1.30
    
$
1.79
  

For the three and six months ended June 30, 2024 there were 48 thousand weighted average anti-dilutive 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.