Earnings Per Share and Restricted Stock

3 Months Ended

Mar. 31, 2025

Earnings Per Share

The Corporation has a simple capital structure. Basic earnings per share of common stock is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding less unvested restricted stock at the end of the period. Diluted earnings per share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding.


	Three Months Ended March 31,
	2025		2024
Weighted average shares outstanding (basic)	9,806,299		8,493,104
Dilutive effect of unvested shares	17,176		18,544
Weighted average shares outstanding (diluted)	9,823,475		8,511,648
Per share:
Basic	$	(0.03)	$	0.80
Diluted	(0.03)		0.80

There were no antidilutive instruments at March 31, 2025 and 2024.

Share Repurchase Plan

On October 24, 2022, the Corporation announced that the Board of Directors approved on October 18, 2022, a plan to repurchase, in open market and privately negotiated transactions, up to 255,575, or approximately 3%, of the outstanding shares of the Corporation’s common stock. This new common stock repurchase program replaces and supersedes any and all earlier announced repurchase plans. During the three months ended March 31, 2025 the Corporation repurchased 75,872 shares. There were 143,780 treasury shares purchased under this plan through March 31, 2025.