Earnings Per Share

6 Months Ended

Jun. 30, 2023

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,
	2023		2022		2023		2022
Basic
Net income	$	5,213	$	5,615	$	10,846	$	11,143

Weighted average common shares outstanding		7,529,177		7,499,497		7,524,257		7,497,492

Basic earnings per common shares	$	0.69	$	0.75	$	1.44	$	1.49

Diluted
Net income	$	5,213	$	5,615	$	10,846	$	11,143

Weighted average common shares outstanding		7,529,177		7,499,497		7,524,257		7,497,492
Plus dilutive stock options and restricted stock units		22,720		11,027		28,335		13,766

Weighted average common shares outstanding and potentially dilutive shares		7,551,897		7,510,524		7,552,592		7,511,258

Diluted earnings per common share	$	0.69	$	0.75	$	1.44	$	1.49

There were 15,000 stock options and 5,125 performance awards that were considered anti-dilutive to earnings per share for the three months ended June 30, 2023. There were 15,000 stock options and 5,125 performance awards that were considered anti-dilutive to earnings per share for the six months ended June 30, 2023. There were 15,000 stock options, 28,660 restricted stock units, and 6,396 performance awards that were considered anti-dilutive to earnings per share for the three months ended June 30,2022. There were 15,000 stock options, 28,660 restricted stock units, and 6,396 performance awards that were considered anti-dilutive for the six months ended June 30, 2022.