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Earnings per Common Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Earnings per Common Share | (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 nine months ended September 30, 2024 and September 30, 2023.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Basic |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 8,366 |  |  | $ | 10,387 |  |  | $ | 21,790 |  |  | $ | 33,309 |
Less allocation of earnings and dividends to participating securities |  |  | 177 |  |  |  | 388 |  |  |  | 455 |  |  |  | 1,220 |
Net income available to common shareholders—basic |  | $ | 8,189 |  |  | $ | 9,999 |  |  | $ | 21,335 |  |  | $ | 32,089 |
Weighted average common shares outstanding |  |  | 15,736,966 |  |  |  | 15,735,007 |  |  |  | 15,720,714 |  |  |  | 15,747,648 |
Less average participating securities |  |  | 332,531 |  |  |  | 588,715 |  |  |  | 328,447 |  |  |  | 576,902 |
Weighted average number of shares outstanding used in the calculation of basic earnings per common share |  |  | 15,404,435 |  |  |  | 15,146,292 |  |  |  | 15,392,267 |  |  |  | 15,170,746 |
Earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.53 |  |  | $ | 0.66 |  |  | $ | 1.39 |  |  | $ | 2.12 |
Diluted |  |  | 0.53 |  |  |  | 0.66 |  |  |  | 1.39 |  |  |  | 2.12 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
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