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Note 4 - Earnings Per Share

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 4 – EARNINGS PER SHARE

Earnings per share are based on the weighted average number of shares outstanding during the period. A computation of basic earnings per share and diluted earnings per share follows:

		Three Months Ended								Six Months Ended
(Dollars in thousands, except share data)		June 30,								June 30,
		2022				2021				2022				2021
Basic
Net income		$	5,615			$	5,043			$	11,143			$	11,281
Weighted average common shares outstanding			7,499,497				7,769,485				7,497,492				7,785,098
Basic earnings per common shares		$	0.75			$	0.65			$	1.49			$	1.45
Diluted
Net income		$	5,615			$	5,043			$	11,143			$	11,281
Weighted average common shares outstanding			7,499,497				7,769,485				7,497,492				7,785,098
Plus dilutive stock options and restricted stock units			11,027				9,600				13,766				10,577
Weighted average common shares outstanding and potentially dilutive shares			7,510,524				7,779,085				7,511,258				7,795,675
Diluted earnings per common share		$	0.75			$	0.65			$	1.49			$	1.45

There were 15,000 stock options that were considered anti-dilutive to earnings per share for the three and six months ended June 30, 2022.  There were 15,000 stock options that were considered anti-dilutive to earnings per share for the three months ended June 30, 2021 and 12,000 stock options that were considered anti-dilutive to earnings per share for the six months ended June 30, 2021. There were 6,396 performance awards and 27,592 restricted stock units that were considered anti-dilutive for the three months ended June 30, 2022. There were no performance awards or restricted stock units that were considered anti-dilutive for the six months ended June 30, 2022.  There were 18,985 restricted stock units that were considered anti-dilutive for the three months ended June 30, 2021. There were no restricted stock units that were considered anti-dilutive for the six months ended June 30, 2021.  There were no performance awards issued prior to 2022.

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-URI https://asc.fasb.org/topic&trid=2144383

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257

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