Income and Dividends Per Share of Common Stock

6 Months Ended

Jun. 30, 2024

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 June 30, 2024, the Company had 45,000,000 shares of common stock authorized and 28,594,270 shares outstanding, after adjusting for the Stock Split.

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income for basic and diluted income per common share	$	26,057	$	19,712	$	48,496	$	36,816
Weighted-average shares for basic income per common share		28,590		28,460		28,564		28,440
Effect of dilutive securities:
Employee and director stock options(1)		108		70		97		70
Adjusted weighted-average shares and assumed exercises for diluted income per common share		28,698		28,530		28,661		28,510
Basic net income per common share	$	0.91	$	0.69	$	1.70	$	1.29
Diluted net income per common share	$	0.91	$	0.69	$	1.69	$	1.29

(1) No stock options were excluded due to being antidilutive.

The Company paid $0.05 and $0.10 of cash dividends per share of common stock in the three- and six-month periods ended June 30, 2024, respectively. The Company paid $0.04 and $0.08 of cash dividends per share of common stock in the three- and six-month periods ended June 30, 2023, respectively.