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Earnings Per Share | 12 Months Ended
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Dec. 31, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Basic earnings per share excludes dilution and is computed by dividing net income applicable to common shares by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential impact of contingently issuable shares. The Company uses the treasury stock method as described by ASC 260 - Earnings Per Share for each dilutive instrument when computing diluted earnings per share. The following shows the weighted average number of shares used in computing earnings per share and the effect of the weighted average number of shares of dilutive potential Common Stock. Dilutive potential Common Stock has no effect on income available to common shareholders.
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Net income applicable to common shares (in thousands) | $ | 35,033 |  |  | $ | 22,692 |  |  | $ | 44,013 |
Weighted average number of shares | 12,393,677 |  |  | 7,428,042 |  |  | 7,425,088 |
Options effect of dilutive shares | 48,154 |  |  | 78,813 |  |  | 42,629 |
Weighted average dilutive shares | 12,441,831 |  |  | 7,506,855 |  |  | 7,467,717 |
Basic earnings per common share | $ | 2.83 |  |  | $ | 3.05 |  |  | $ | 5.93 |
Diluted earnings per common share | 2.82 |  |  | 3.02 |  |  | 5.89 |
Stock awards equivalent to 67,882 shares, 503 shares, and zero shares of Common Stock were not considered in computing diluted earnings per common share for 2024, 2023, and 2022, respectively, because they were antidilutive.

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