Earnings per Share

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(Dollars in thousands except shares and per share data)	2024		2023		2024		2023
Numerator for earnings per share:
Net income from continuing operations	$	4,149	$	7,998	$	8,651	$	10,436
Net (income) loss attributable to noncontrolling interest	(60)		114		(80)		236

Net income available to common shareholders from continuing operations	4,089		8,112		8,571		10,672
Net income from discontinued operations available to common shareholders	—		—		—		8,782
Net income available to common shareholders	$	4,089	$	8,112	$	8,571	$	19,454







Denominator:
Weighted-average shares outstanding - basic	12,883,426		12,689,669		12,847,191		12,656,698


Effect of dilutive instruments	162,234		225,625		211,600		303,027
Weighted-average shares outstanding - diluted	13,045,660		12,915,294		13,058,791		12,959,725

Earnings per share from continuing operations - basic	$	0.32	$	0.64	$	0.67	$	0.84
Earnings per share from discontinued operations - basic	$	—	$	—	$	—	$	0.69
Earnings per common share - basic	$	0.32	$	0.64	$	0.67	$	1.54
Earnings per share from continuing operations - diluted	$	0.31	$	0.63	$	0.66	$	0.82
Earnings per share from discontinued operations - diluted	$	—	$	—	$	—	$	0.68
Earnings per share common share - diluted	$	0.31	$	0.63	$	0.66	$	1.50

Instruments not included in the computation of diluted EPS because the effect would be antidilutive	606,925		641,534		316,368		274,409