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Earnings per share
 9 Months Ended
Sep. 30, 2023
Earnings per share  
Earnings per share

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3. Earnings per share:

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Basic earnings per share represent income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance.

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The following table presents the calculation of both basic and diluted earnings per share of common stock for the three and nine months ended September 30, 2023 and 2022:

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(Dollars in thousands, except per share data)

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2023

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2022

For the Three Months Ended September 30,

    

Basic  

    

Diluted  

    

Basic  

    

Diluted  

Net income

    

$

6,746

    

$

6,746

    

$

9,968

    

$

9,968

Average common shares outstanding

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7,088,745

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7,120,685

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7,169,809

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7,213,147

Earnings per share

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$

0.95

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$

0.95

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$

1.39

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$

1.38

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(Dollars in thousands, except per share data)

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2023

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2022

For the Nine Months Ended September 30,

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Basic  

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Diluted  

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Basic  

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Diluted  

Net income

    

$

23,750

    

$

23,750

    

$

28,951

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$

28,951

Average common shares outstanding

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7,130,506

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7,165,570

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7,171,382

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7,214,966

Earnings per share

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$

3.33

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$

3.31

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$

4.04

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$

4.01

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