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Earnings Per Common Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings Per Common Share
Basic EPS is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period, after giving retroactive effect to stock splits. Diluted EPS includes accrued but unissued shares relating to the Director Compensation Program, stock options, and restricted stock determined using the treasury stock method. The dilutive EPS calculation assumes all outstanding stock options to purchase common stock have been exercised at the beginning of the year, and the pro forma proceeds from the exercised options and restricted stock are used to purchase common stock at the average fair market valuation price.
The computations of basic and diluted earnings per common share for the Company were as follows:
For the Three Months Ended September 30, For the Nine Months Ended September 30, 
(in thousands, except share amounts)2024202320242023
Numerator:
Net income - basic$8,754 $8,021 $24,929 $26,587 
Net income - diluted$8,754 $8,021 $24,929 $26,587 
 
Denominator:
Weighted average shares outstanding - basic6,851,223 7,168,413 6,932,137 7,176,219 
Plus: Effect of Director Compensation Program173 170 981 651 
Plus: Effect of restricted stock16,078 11,501 16,078 11,501 
Weighted average shares outstanding - diluted6,867,474 7,180,084 6,949,196 7,188,371 
 
Earnings per common share:
Basic$1.28 $1.12 $3.60 $3.70 
Diluted$1.27 $1.12 $3.59 $3.70