Earnings per Share

3 Months Ended

Mar. 31, 2024

Note 12 – 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)	2024		2023
Numerator for earnings per share:
Net income from continuing operations	$	4,502	$	2,438
Net (income) loss attributable to noncontrolling interest	(20)		122

Net income available to common shareholders from continuing operations	4,482		2,560
Net income from discontinued operations available to common shareholders	—		8,782
Net income available to common shareholders	$	4,482	$	11,342







Denominator:
Weighted-average shares outstanding - basic	12,810,956		12,623,361


Effect of dilutive instruments	308,336		392,721
Weighted-average shares outstanding - diluted	13,119,292		13,016,082

Earnings per share from continuing operations - basic	$	0.35	$	0.20
Earnings per share from discontinued operations - basic	$	—	$	0.70
Earnings per common share - basic	$	0.35	$	0.90
Earnings per share from continuing operations - diluted	$	0.34	$	0.20
Earnings per share from discontinued operations - diluted	$	—	$	0.67
Earnings per share common share - diluted	$	0.34	$	0.87

Instruments not included in the computation of diluted EPS because the effect would be antidilutive	171,960		140,666