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Common Stock and Earnings per Share | 12 Months Ended
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Dec. 31, 2024
Earnings Per Share [Abstract] |
Common Stock and Earnings per Share | Common Stock and Earnings per Share The table below shows activity in the outstanding shares of the Company’s common stock during 2024.
| 2024
Shares outstanding at January 1 | 13,582,375 |
Issuance of common stock: |
Employee restricted stock grants | 11,167 |
Employee restricted stock units vested | 16,484 |
Performance-based stock vested | 40,213 |
Directors’ stock grants | 22,030 |
Shares repurchased | (167,455) |
Shares forfeited | (710) |
Shares outstanding at December 31 | 13,504,104 |
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:
| December 31,
(In thousands except share and per share data) | 2024 |  | 2023 |  | 2022
Basic: |  |  |  |  |
Net income | $ | 19,168 |  |  | $ | 30,059 |  |  | $ | 34,904 |
Weighted average common shares outstanding | 13,501,930 |  |  | 13,530,005 |  |  | 13,552,503 |
Basic earnings per share | $ | 1.42 |  |  | $ | 2.22 |  |  | $ | 2.58 |
Diluted: |  |  |  |  |
Net income | $ | 19,168 |  |  | $ | 30,059 |  |  | $ | 34,904 |
Weighted average common shares outstanding | 13,501,930 |  |  | 13,530,005 |  |  | 13,552,503 |
Effect of dilutive restricted stock, performance based restricted stock (“PBRS”), and SARs | 275,641 |  |  | 286,011 |  |  | 255,526 |
Weighted average common shares outstanding assuming dilution | 13,777,571 |  |  | 13,816,016 |  |  | 13,808,029 |
Diluted earnings per share | $ | 1.39 |  |  | $ | 2.18 |  |  | $ | 2.53 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
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