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Earnings Per Share
 3 Months Ended
Mar. 31, 2023
Financial Instruments  
Earnings Per Share

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

 

(Dollars in thousands, except share data)

March 31,

 

 

2023

 

 

2022

 

Basic

 

 

 

 

 

Net income

$

5,633

 

 

$

5,528

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

7,519,282

 

 

 

7,495,464

 

 

 

 

 

 

 

Basic earnings per common shares

$

0.75

 

 

$

0.74

 

 

 

 

 

 

 

Diluted

 

 

 

 

 

Net income

$

5,633

 

 

$

5,528

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

7,519,282

 

 

 

7,495,464

 

Plus dilutive stock options and restricted stock units

 

33,047

 

 

 

21,461

 

 

 

 

 

 

 

Weighted average common shares outstanding and potentially dilutive shares

 

7,552,329

 

 

 

7,516,925

 

 

 

 

 

 

 

Diluted earnings per common share

$

0.75

 

 

$

0.74

 

 

There were no performance awards, restricted stock, or stock options that were considered anti-dilutive to earnings per share for the three months ended March 31, 2023. There were no performance awards or restricted stock units that were considered anti-dilutive and there were 12,000 stock options that were considered anti-dilutive for the three months ended March 31, 2022.