EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2023

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 4. EARNINGS PER SHARE

Basic earnings per share is computed by dividing reported net earnings by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect the additional dilution for all potentially dilutive securities such as stock options. The following is a reconciliation of the number of shares (denominator) used in the basic and diluted earnings per share computations (shares in thousands):

	Three months ended June 30,
	2023			2022
			Per Share			Per Share
	Shares		Amount	Shares		Amount
Basic	19,243	$	1.16	18,987	$	1.02
Effect of dilutive stock options	375		(0.02)	595		(0.03)
Diluted	19,618	$	1.14	19,582	$	0.99

	Six months ended June 30,
	2023			2022
			Per Share			Per Share
	Shares		Amount	Shares		Amount
Basic	19,229	$	2.08	18,928	$	1.98
Effect of dilutive stock options	407		(0.04)	658		(0.06)
Diluted	19,636	$	2.04	19,586	$	1.92

Excluded from the computation of diluted earnings per share are options where the exercise prices are greater than the weighted assumed proceeds per share as their effects would be anti-dilutive in the computation of diluted earnings per share. For the three months ended June 30, 2023 and 2022, options for approximately 647 thousand and 527 thousand shares, respectively, were excluded from the computation. For the six months ended June 30, 2023 and 2022, options for approximately 578 thousand and 521 thousand shares, respectively, were excluded from the computation.