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Earnings Per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
 
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 ShareFor the Three Months
Ended September 30,		For the Nine Months
 Ended September 30,
(In thousands, except share and per share amounts)2024202320242023
Net income $3,385 $6,390 $771 $19,642 
Weighted average shares outstanding18,843,606 11,742,334 16,478,049 11,723,233 
Basic earnings per share$0.18 $0.54 $0.05 $1.67 
 

Diluted Earnings Per ShareFor the Three Months
Ended September 30,		For the Nine Months
 Ended September 30,
(In thousands, except share and per share amounts)2024202320242023
Net income $3,385 $6,390 $771 $19,642 
Weighted average shares outstanding18,843,606 11,742,334 16,478,049 11,723,233 
Effect of dilutive stock options and restricted stock 121,828 13,424 97,312 22,373 
Weighted average shares of common stock and common stock equivalents18,965,434 11,755,758 16,575,361 11,745,606 
Diluted earnings per share$0.18 $0.54 $0.05 $1.67 

Options to purchase 343,417 shares of common stock were outstanding as of September 30, 2024 and there were no options outstanding as of September 30, 2023. There were 100,459 and 75,953 restricted stock awards unvested and outstanding at September 30, 2024 and 2023, respectively. For the three and nine months ended September 30, 2024 and 2023, there were no anti-dilutive weighted average shares outstanding.


Holders of unvested restricted stock accrue dividends at the same rate as common shareholders and they both share equally in undistributed earnings. Unvested restricted stock awards that are time-based contain non-forfeitable rights to dividends or dividend equivalents and are considered to be participating securities in the earnings per share computation using the two-class method. Under the two-class method, earnings are allocated to common shareholders and participating securities according to their respective rights to earnings. Unvested stock awards that vest based on performance or market conditions are not considered to be participating securities in the earnings per share calculation because accrued dividends on shares that do not vest are forfeited.