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Earnings Per Share | 3 Months Ended
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Mar. 31, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | 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, |  |
| 2024 |  | 2023 |  |  |  |
Basic |  |  |  |  |  |  |
Net income | $ | 7,152 |  |  | $ | 7,117 |  |  |  |  |
Weighted-average common shares outstanding | 13,530,228 |  |  | 13,599,472 |  |  |  |  |
Basic earnings per share | $ | 0.53 |  |  | $ | 0.52 |  |  |  |  |
Diluted |  |  |  |  |  |  |
Net income | $ | 7,152 |  |  | $ | 7,117 |  |  |  |  |
Weighted-average common shares outstanding | 13,530,228 |  |  | 13,599,472 |  |  |  |  |
Effect of dilutive restricted stock and stock appreciation rights | 255,049 |  |  | 263,926 |  |  |  |  |
Weighted-average common shares outstanding assuming dilution | 13,785,277 |  |  | 13,863,398 |  |  |  |  |
Diluted earnings per share | $ | 0.52 |  |  | $ | 0.51 |  |  |  |  |

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