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Note 17 - Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Earnings Per Share [Text Block]

NOTE 17 – EARNINGS PER SHARE

 

Basic earnings per share is based on the weighted average number of common shares and participating securities outstanding during the period. Diluted earnings per share include the dilutive effect of additional potential common shares issuable under our stock-based compensation plans and are determined using the treasury stock method. Our unvested restricted shares, which contain non-forfeitable rights to dividends whether paid or accrued (i.e., participating securities), are included in the number of shares outstanding for both basic and diluted earnings per share calculations. In the event of a net loss, our unvested restricted shares are excluded from the calculation of both basic and diluted earnings per share. Stock options for approximately 5,000 shares of common stock were antidilutive and were not included in determining dilutive earnings per share in 2022.

 

The factors used in the earnings per share computation follow:

 

(Dollars in thousands, except share and per share amounts)

 2024  2023  2022 

Basic

            

Net income attributable to common shares

 $79,593  $82,217  $61,063 
             

Weighted average common shares outstanding

  16,130,696   16,015,678   15,859,889 
             

Basic earnings per common share

 $4.93  $5.13  $3.85 
             

Diluted

            

Net income attributable to common shares

 $79,593  $82,217  $61,063 
             

Weighted average common shares outstanding for basic earnings per common share

  16,130,696   16,015,678   15,859,889 
             

Add: Dilutive effects of share-based awards

  0   0   12 
             

Average shares and dilutive potential common shares

  16,130,696   16,015,678   15,859,901 
             

Diluted earnings per common share

 $4.93  $5.13  $3.85