Earnings per Common Share

9 Months Ended

Sep. 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 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