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Earnings per Common Share (Tables)
 9 Months Ended
Sep. 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 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