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Earnings per Common Share (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings per Common Share 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