Earnings Per Share

3 Months Ended

Mar. 31, 2023

Basic earnings per share (EPS), which excludes dilution, is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options or restricted stock awards, result in the issuance of common stock which shares in the earnings of the Company.

A reconciliation of the numerators and denominators of the basic and diluted EPS computations is as follows:


Basic Earnings Per Share	For the Three Months Ended March 31,
(In thousands, except share and per share amounts)	2023		2022


Net income	$	6,970	$	6,086
Weighted average shares outstanding	11,703,813		11,829,245
Basic earnings per share	$	0.60	$	0.51


Diluted Earnings Per Share	For the Three Months Ended March 31,
(In thousands, except share and per share amounts)	2023		2022


Net income	$	6,970	$	6,086
Weighted average shares outstanding	11,703,813		11,829,245
Effect of diluted stock options and restricted stock	27,322		42,780
Weighted average shares of common stock and common stock equivalents	11,731,135		11,872,025
Diluted earnings per share	$	0.59	$	0.51

No options awards were anti-dilutive for the three months ended March 31, 2022. There were no outstanding options at March 31, 2023.