Income and Dividends Per Share of Common Stock

9 Months Ended

Sep. 30, 2022

Income and Dividends Per Share of Common Stock

Income and Dividends Per Share of Common Stock

5. Income and Dividends Per Share of Common Stock

At September 30, 2022, the Company had 30,000,000 shares of common stock authorized and 5,673,574 shares outstanding.

The following table sets forth the computation of basic and diluted income per common share (in thousands, except per share amounts):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net income for basic and diluted income per common share	$	15,726	$	11,308	$	34,632	$	29,432
Weighted-average shares for basic income per common share		5,674		5,658		5,671		5,656
Effect of dilutive securities:
Employee and director stock options(1)		6		13		8		12
Adjusted weighted-average shares and assumed exercises for diluted income per common share		5,680		5,671		5,679		5,668
Basic net income per common share	$	2.77	$	2.00	$	6.11	$	5.20
Diluted net income per common share	$	2.77	$	1.99	$	6.10	$	5.19

(1) Excludes 20 and 16 stock options for the three- and nine-month periods ended September 30, 2022, respectively, as anti-dilutive because the exercise price exceeded the average per share market price for the period. No stock options were excluded for the three- and nine-month periods ended September 30, 2021 as anti-dilutive.

The Company paid $0.20 and $0.60 of cash dividends per share of common stock in the three- and nine-month periods ended September 30, 2022, respectively. The Company paid $0.16 and $0.48 of cash dividends per share of common stock in the three- and nine-month periods ended September 30, 2021, respectively.