Earnings Per Share

9 Months Ended

Sep. 30, 2022

Note 5. Earnings per Share

Per share data is determined by using the weighted average number of common shares outstanding. Common equivalent shares are considered only for diluted earnings per share, unless considered anti-dilutive. Common equivalent shares, determined using the treasury stock method, result from stock options with exercise prices that are below the average market price of the common stock.

Basic earnings per share include no dilution and are computed by dividing income available to common shareholders by the weighted-average number of shares outstanding during the period. Diluted earnings per share reflect the potential of securities that could share in our earnings.

A reconciliation of the weighted average number of common shares outstanding (in thousands) is as follows. The dilutive effect of stock options and RSUs are excluded for periods in which the Company has a net loss because the impact is anti-dilutive.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Common shares outstanding, beginning of the period		12,749		12,618		12,727		12,618
Weighted average common shares issued		-		24		20		10
Weighted average number of common shares outstanding		12,749		12,642		12,747		12,628
Dilutive effect of common share equivalents		-		-		-		-
Diluted weighted average number of common shares outstanding		12,749		12,642		12,747		12,628

Common stock equivalents (in thousands) that have been excluded from the calculation of earnings per share because they would have been anti-dilutive:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Stock options		153		15		153		15