Earnings Per Share

9 Months Ended

Sep. 30, 2024

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				Nine Months Ended
(Dollars in thousands, except share data)	September 30,				September 30,
	2024		2023		2024		2023
Basic
Net income	$	7,348	$	5,122	$	19,568	$	15,968

Weighted average common shares outstanding		8,567,548		7,537,996		7,898,938		7,528,887

Basic earnings per common shares	$	0.86	$	0.68	$	2.48	$	2.12

Diluted
Net income	$	7,348	$	5,122	$	19,568	$	15,968

Weighted average common shares outstanding		8,567,548		7,537,996		7,898,938		7,528,887
Plus dilutive stock options and restricted stock units		47,952		30,038		45,205		33,273

Weighted average common shares outstanding and potentially dilutive shares		8,615,500		7,568,034		7,944,143		7,562,160

Diluted earnings per common share	$	0.85	$	0.68	$	2.46	$	2.12

There were no stock options that were considered anti-dilutive to earnings per share for the three months ended September 30, 2024 and 3,000 stock options that were considered anti-dilutive to earnings per share for the nine months ended September 30, 2024. There were 15,000 stock options that were considered anti-dilutive to earnings per share for the three and nine months ended September 30, 2023.