Earnings Per Share

12 Months Ended

Dec. 31, 2023

The following table sets forth the reconciliation from basic to diluted average common shares and the calculations of net income per common share. Net income for basic and diluted calculations does not differ.


(in thousands, except per share amounts)	2023		2022		2021

Net income	$	136,161	$	101,928	$	80,245

Average common shares:
Basic (weighted-average outstanding shares)	11,920		11,877		11,837
Dilutive potential common shares from stock options	67		57		59
Diluted (weighted-average outstanding shares)	11,987		11,934		11,896

Basic earnings per share	$	11.42	$	8.58	$	6.78

Diluted earnings per share	$	11.36	$	8.54	$	6.75

Stock options totaling 4,991 shares in 2023, 25,610 shares in 2022, and 15,586 shares in 2021 were not included in the diluted earnings per share calculation because the effect would have been anti-dilutive.