Computation of Earnings Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Computation of Earnings Per Share

NOTE G – COMPUTATION OF EARNINGS PER SHARE

Basic earnings per share were computed by dividing Net income by the weighted-average number of common shares outstanding for each respective period. Diluted earnings per share were calculated by dividing Net income by the weighted-average of all potentially dilutive common stock that was outstanding during the periods presented.

The calculation of basic and diluted earnings per share for the three months ended March 31, 2022 and 2021 was as follows:

	Three Months Ended March 31
	2022		2021
Numerator
Net income	$	12,285	$	7,179
Denominator
Determination of shares
Weighted-average common shares outstanding		4,928		4,917
Dilutive effect – share-based awards		15		19
Diluted weighted-average common shares outstanding		4,943		4,936
Earnings per common share
Basic	$	2.49	$	1.46
Diluted	$	2.49	$	1.45

For the three months ended March 31, 2022 and 2021, 23,000 and 15,000 stock options, respectively, were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive.