Earnings Per Share

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Basic
Net income	$	7,138	$	8,562	$	14,255	$	16,820
Weighted-average common shares outstanding	13,553,346		13,542,677		13,576,281		13,560,237
Basic earnings per share	$	0.53	$	0.63	$	1.05	$	1.24

Diluted
Net income	$	7,138	$	8,562	$	14,255	$	16,820
Weighted-average common shares outstanding	13,553,346		13,542,677		13,576,281		13,560,237
Effect of dilutive restricted stock and stock appreciation rights	300,696		258,864		282,412		247,611
Weighted-average common shares outstanding assuming dilution	13,854,042		13,801,541		13,858,693		13,807,848
Diluted earnings per share	$	0.52	$	0.62	$	1.03	$	1.22