Earnings per Common Share

6 Months Ended

Jun. 30, 2024

(9) Earnings per Common Share

The Company has granted restricted stock awards with non-forfeitable rights (with respect to dividends), which are considered participating securities. Accordingly, earnings per common share is computed using the two-class method as required by ASC 260-10-45. Basic earnings per common share are computed as net income available to common shareholders divided by the weighted average number of common shares outstanding during the period, which excludes the participating securities. Diluted earnings per common share include the dilutive effect, if any, of additional potential common shares issuable under the Company’s equity incentive plan, computed using the treasury stock method. The Company had no dilutive securities for the three and six months ended June 30, 2024 and June 30, 2023.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Basic
Net income	$	7,064	$	10,034	$	13,424	$	22,922
Less allocation of earnings and dividends to participating securities		266		374		492		831
Net income available to common shareholders—basic	$	6,798	$	9,660	$	12,932	$	22,091
Weighted average common shares outstanding		15,729,049		15,775,812		15,712,499		15,754,073
Less average participating securities		591,712		588,715		576,528		570,897
Weighted average number of shares outstanding used in the calculation of basic earnings per common share		15,137,337		15,187,097		15,135,971		15,183,176
Earnings per common share:
Basic	$	0.45	$	0.64	$	0.85	$	1.45
Diluted		0.45		0.64		0.85		1.45