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Computation of Earnings Per Share
 3 Months Ended
Mar. 31, 2021
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-month periods ended March 31, 2021 and 2020 was as follows:

 

 

 

Three Months Ended March 31

 

 

 

2021

 

 

2020

 

Numerator

 

 

 

 

 

 

 

 

Net income

 

$

7,179

 

 

$

3,698

 

Denominator

 

 

 

 

 

 

 

 

Determination of shares

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding

 

 

4,917

 

 

 

5,008

 

Dilutive effect - share-based awards

 

 

19

 

 

 

9

 

Diluted weighted-average common shares outstanding

 

 

4,936

 

 

 

5,017

 

Earnings per common share

 

 

 

 

 

 

 

 

Basic

 

$

1.46

 

 

$

0.74

 

Diluted

 

$

1.45

 

 

$

0.74

 

 

For the three-month periods ended March 31, 2021 and 2020, 15,000 and 20,000 stock options, respectively, were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive.