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Note 12 - Earnings Per Share | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Earnings Per Share [Text Block] |
12. | Earnings per Share
​ Basic earnings per share of common stock is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share of common stock is computed by dividing net income by the weighted average number of common shares, using the two-class method. As the Company may grant RSUs that both participate in dividend equivalents and do not participate in dividend equivalents, the Company has calculated earnings per share pursuant to the two-class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities according to dividends declared and participation rights in undistributed losses. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Diluted net earnings per share is calculated by dividing net earnings attributable to common stockholders by the weighted average number of common stock and dilutive common stock outstanding during the period. Potential common shares in the diluted net income per share computation are excluded to the extent that they would be anti-dilutive.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |  |  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Basic earnings per common share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 5,792 |  |  | $ | 13,280 |  |  | $ | 16,646 |  |  | $ | 27,097 |
Less income allocated to participating securities |  |  | 128 |  |  |  | 259 |  |  |  | 368 |  |  |  | 517 |
Net income allocated to common shareholders |  | $ | 5,664 |  |  | $ | 13,021 |  |  | $ | 16,278 |  |  | $ | 26,580 |
Weighted average common shares outstanding |  |  | 22,983,965 |  |  |  | 22,886,793 |  |  |  | 22,955,388 |  |  |  | 22,925,231 |
|  | $ | 0.25 |  |  | $ | 0.57 |  |  | $ | 0.71 |  |  | $ | 1.16 |
Earnings per common share assuming dilution |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 5,792 |  |  | $ | 13,280 |  |  | $ | 16,646 |  |  | $ | 27,097 |
Less income allocated to participating securities |  |  | 128 |  |  |  | 259 |  |  |  | 368 |  |  |  | 517 |
Net income allocated to common shareholders |  | $ | 5,664 |  |  | $ | 13,021 |  |  | $ | 16,278 |  |  | $ | 26,580 |
Weighted average common shares outstanding |  |  | 22,983,965 |  |  |  | 22,886,793 |  |  |  | 22,955,388 |  |  |  | 22,925,231 |
Incremental shares applicable to non-participating RSUs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,712 |
Weighted average common shares assuming dilution |  |  | 22,983,965 |  |  |  | 22,886,793 |  |  |  | 22,955,388 |  |  |  | 22,926,943 |
|  | $ | 0.24 |  |  | $ | 0.56 |  |  | $ | 0.69 |  |  | $ | 1.14 |
​

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