Earnings Per Share

3 Months Ended

Mar. 31, 2024

Note 9 – Earnings Per Share

The following table shows the calculation of basic and diluted earnings per share ("EPS") and the weighted average number of shares outstanding used in computing EPS and the effect on the weighted average number of shares outstanding of dilutive potential common stock for the periods stated. Basic EPS amounts are computed by dividing net

income (the numerator) by the weighted average number of common shares outstanding (the denominator). Diluted EPS amounts assume the conversion, exercise, or issuance of all potential common stock instruments, unless the effect would be to reduce the loss or increase earnings per common share. Potential dilutive common stock instruments include exercisable stock options and performance-based restricted stock awards (“PSAs”). For the three months ended March 31, 2023, stock options and PSAs for 1,643 shares of the Company’s common stock, respectively, were considered anti-dilutive and excluded from the computation of diluted EPS.


	For the three months ended March 31,
(Dollars in thousands, except per share data)	2024			2023
Weighted average common shares outstanding, basic		19,178,332			18,856,515
Effect of dilutive securities		—			3,506
Weighted average common shares outstanding, dilutive		19,178,332			18,860,021

Net (loss) income	$	(2,893	)	$	3,970
Basic and diluted (loss) earnings per share	$	(0.15	)	$	0.21