Earnings per Share

3 Months Ended

Mar. 31, 2023

Note 11 – Earnings per Share

We determine basic earnings per share (“EPS”) by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is determined by dividing net income available to common shareholders by the weighted-average number of shares outstanding, increased by both the number of shares that would be issued assuming the exercise of instruments under our incentive stock plan.

The following table presents our calculation of EPS for the periods shown:


	Three Months Ended March 31,
(Dollars in thousands except shares and per share data)	2023		2022
Numerator for earnings per share:
Net income from continuing operations	$	2,438	$	1,910
Net loss attributable to noncontrolling interest	122		193

Net income available to common shareholders	2,560		2,103
Net income from discontinued operations available to common shareholders - basic and diluted	8,782		761
Net income available to common shareholders	$	11,342	$	2,864







Denominator:
Weighted-average shares outstanding - basic	12,623,361		12,093,179


Effect of dilutive securities	392,721		834,632
Weighted-average shares outstanding - diluted	13,016,082		12,927,811

Earnings per share from continuing operations - basic	$	0.20	$	0.17
Earnings per share from discontinued operations - basic	$	0.70	$	0.06
Earnings per common share - basic	$	0.90	$	0.24
Earnings per share from continuing operations - diluted	$	0.20	$	0.16
Earnings per share from discontinued operations - diluted	$	0.67	$	0.06
Earnings per share common share - diluted	$	0.87	$	0.22

Securities not included in the computation of diluted EPS because the effect would be antidilutive	140,666		405,994