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Note 19 - Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Earnings Per Share [Text Block]

NOTE 19 - EARNINGS PER SHARE

 

The following is a reconciliation of net income and shares outstanding to the net income and number of shares used to compute earnings per share (“EPS”):

 

  

2024

  

2023

  

2022

 
  Income  Shares  Income  Shares  Income  Shares 
  

(dollars in thousands, except shares and per share data)

 

Net income as reported

 $26,665      $42,465      $64,327     

Less: Earnings allocated to participating securities

  —       —       (34)    

Shares outstanding

      17,720,416       18,609,179       18,965,776 

Impact of weighting shares

      401,348       356,167       133,733 

Used in basic EPS

  26,665   18,121,764   42,465   18,965,346   64,293   19,099,509 

Dilutive effect of outstanding

                        

Stock options

      20,883       15,322       211,477 

Restricted Stock Unit

      35,788       4,565       21,653 

Performance Stock Unit

      4,884       —       — 

Used in dilutive EPS

 $26,665   18,183,319  $42,465   18,985,233  $64,293   19,332,639 
                         

Basic earnings per common share

 $1.47      $2.24      $3.37     

Diluted earnings per common share

 $1.47      $2.24      $3.33     

 

Options to purchase 18,000, 332,500, and zero shares of common stock were excluded from the calculation of diluted earnings per share for December 31, 2024, 2023, and 2022, because their effect would have been anti-dilutive. There were zero, 6,012, and zero antidilutive unvested RSUs outstanding for December 31, 2024, 2023, and 2022.