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Note 19 - Earnings Per Share ("EPS")
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Earnings Per Share [Text Block]

NOTE 19 - EARNINGS PER SHARE (“EPS”)

 

The following is a reconciliation of net income and shares outstanding to the income and number of shares used to compute EPS:

 

  

2023

  

2022

  

2021

 

(dollars in thousands except shares and per share data)

  Income   Shares   Income   Shares   Income   Shares 

Net income as reported

 $42,465      $64,327      $56,906     

Less: Earnings allocated to participating securities

  —       (34)      (192)    

Shares outstanding

      18,609,179       18,965,776       19,455,544 

Impact of weighting shares

      356,167       133,733       (31,995)

Used in basic EPS

  42,465   18,965,346   64,293   19,099,509   56,714   19,423,549 

Dilutive effect of outstanding

                        

Stock options

      15,322       211,477       410,757 

Restricted Stock Unit

      4,565       21,653       — 

Used in dilutive EPS

 $42,465   18,985,233  $64,293   19,332,639  $56,714   19,834,306 
                         

Basic earnings per common share

 $2.24      $3.37      $2.92     

Diluted earnings per common share

  2.24       3.33       2.86     

 

Stock options for 332,500 shares of common stock and restricted stock units for 6,012 shares were not considered in computing diluted earnings per common share for December 31, 2023 because they were anti-dilutive. Stock options for zero share of common stock and restricted stock units for zero share were not considered in computing diluted earnings per common share for December 31, 2022 and 2021, respectively, because they were anti-dilutive.