Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the sum of the weighted-average number of common shares outstanding and the weighted-average number of potential common shares outstanding. Under the treasury stock method, stock appreciation rights (“SARs”) are dilutive when the average market price of the Company’s common stock, combined with the effect of any unamortized compensation expense, exceeds the SAR price during a period.

The calculations of basic and diluted earnings per share are as follows:


(In thousands except share and per share data)	Three Months Ended March 31,
	2023		2022
Basic
Net income	$	7,117	$	8,258
Weighted-average common shares outstanding	13,599,472		13,577,991
Basic earnings per share	$	0.52	$	0.61

Diluted
Net income	$	7,117	$	8,258
Weighted-average common shares outstanding	13,599,472		13,577,991
Effect of dilutive restricted stock and stock appreciation rights	263,926		236,233
Weighted-average common shares outstanding assuming dilution	13,863,398		13,814,224
Diluted earnings per share	$	0.51	$	0.60