Earnings Per Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Basic
Net income	$	7,394	$	8,799	$	21,649	$	25,619
Weighted-average common shares outstanding	13,501,469		13,542,231		13,551,070		13,554,169
Basic earnings per share	$	0.55	$	0.65	$	1.60	$	1.89

Diluted
Net income	$	7,394	$	8,799	$	21,649	$	25,619
Weighted-average common shares outstanding	13,501,469		13,542,231		13,551,070		13,554,169
Effect of dilutive restricted stock and stock appreciation rights	291,142		262,106		285,354		252,496
Weighted-average common shares outstanding assuming dilution	13,792,611		13,804,337		13,836,424		13,806,665
Diluted earnings per share	$	0.54	$	0.64	$	1.56	$	1.86