XML 27 R20.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Earnings Per Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share
12.
Earnings Per Share

Earnings per share have been computed using the weighted average number of common shares and common share equivalents outstanding during the period.

The following table sets forth the computation of basic and diluted earnings per share:

 

 

 

Quarters Ended
June 30,

 

 

Six Months Ended
June 30,

 

(Dollars in thousands, except share and per share data)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

10,093

 

 

$

9,337

 

 

$

21,459

 

 

$

11,831

 

Less: preferred stock distributions

 

 

110

 

 

 

110

 

 

 

220

 

 

 

220

 

Net income available to common shareholders

 

$

9,983

 

 

$

9,227

 

 

$

21,239

 

 

$

11,611

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares for basic earnings per share

 

 

13,609,618

 

 

 

13,478,014

 

 

 

13,594,414

 

 

 

13,573,841

 

Non-vested restricted stock units

 

 

—

 

 

 

61,579

 

 

 

—

 

 

 

58,571

 

Options

 

 

68,290

 

 

 

168,391

 

 

 

64,740

 

 

 

161,809

 

Weighted average shares for diluted earnings per share

 

 

13,677,908

 

 

 

13,707,984

 

 

 

13,659,154

 

 

 

13,794,221

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - Basic

 

$

0.73

 

 

$

0.68

 

 

$

1.56

 

 

$

0.86

 

Earnings per share - Diluted

 

$

0.73

 

 

$

0.67

 

 

$

1.55

 

 

$

0.84

 

 

The weighted average shares outstanding used to determine dilutive earnings per share does not include 550,000 options for both the quarter and six months ended June 30, 2024 and 346,667 options for both the quarter and six months ended June 30, 2023 which were deemed to be anti-dilutive.