Earnings per Share

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(Dollars in thousands except shares and per share data)	2023		2022		2023		2022
Numerator for earnings per share:
Net income from continuing operations	$	7,998	$	2,273	$	10,436	$	4,183
Net loss attributable to noncontrolling interest	114		165		236		358

Net income available to common shareholders	8,112		2,438		10,672		4,541
Net income from discontinued operations available to common shareholders - basic and diluted	—		518		8,782		1,279
Net income available to common shareholders	$	8,112	$	2,956	$	19,454	$	5,820







Denominator:
Weighted-average shares outstanding - basic	12,689,669		12,176,805		12,656,698		12,135,223


Effect of dilutive securities	225,625		718,776		303,027		735,669
Weighted-average shares outstanding - diluted	12,915,294		12,895,581		12,959,725		12,870,892

Earnings per share from continuing operations - basic	$	0.64	$	0.20	$	0.84	$	0.37
Earnings per share from discontinued operations - basic	$	—	$	0.04	$	0.69	$	0.11
Earnings per common share - basic	$	0.64	$	0.24	$	1.54	$	0.48
Earnings per share from continuing operations - diluted	$	0.63	$	0.19	$	0.82	$	0.35
Earnings per share from discontinued operations - diluted	$	—	$	0.04	$	0.68	$	0.10
Earnings per share common share - diluted	$	0.63	$	0.23	$	1.50	$	0.45

Securities not included in the computation of diluted EPS because the effect would be antidilutive	641,534		499,887		274,409		496,625