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Earnings per Share | 12 Months Ended
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Dec. 31, 2023
Earnings per Share [Abstract] |
Earnings per Share |
Note 4: | Earnings per Share
Basic earnings per common share represents the amount of earnings for the period available to each share of common stock outstanding during the reporting period. Basic EPS is computed based upon net income divided by the weighted average number of common shares outstanding during the year. Diluted EPS represents the amount of earnings for the period available to each share of common stock outstanding including common stock that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during each reporting period. Diluted EPS is computed based upon net income dividend by the weighted average number of commons shares outstanding during each period, adjusted for the effect of dilutive potential common shares, such as restricted stock awards and nonqualified stock options, calculated using the treasury stock method. The following table shows the computation of basic and diluted earnings per share:
|  | As of and for the Years ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
(Dollars in thousands, except per share amounts) |  |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |  |
Net income |  | $ | 28,275 |  |  | $ | 29,638 |  |  | $ | 23,159 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding for basic earnings per share |  |  | 9,161,565 |  |  |  | 9,101,523 |  |  |  | 9,056,117 |
Dilutive effect of stock compensation(1) |  |  | 102,742 |  |  |  | 103,193 |  |  |  | 35,419 |
Denominator for diluted earnings per share |  |  | 9,264,307 |  |  |  | 9,204,716 |  |  |  | 9,091,536 |
Earnings per common share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 3.09 |  |  | $ | 3.26 |  |  | $ | 2.56 |
Diluted |  | $ | 3.05 |  |  | $ | 3.22 |  |  | $ | 2.55 |
(1) | The following have not been included in diluted earnings per share because to do so would have been antidilutive for the periods presented: Nonqualified stock options outstanding of 5,000, 5,000, and 264,000 as of December 31, 2023, 2022, and 2021, respectively; Restricted stock units outstanding of 156,186, 0, and 0 as of December 31, 2023, 2022, and 2021, respectively.

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