Earnings per Share

3 Months Ended

Mar. 31, 2025

Note 10 – 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 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)	2025		2024
Numerator for earnings per share:
Net income, before noncontrolling interest	$	3,559	$	4,502
Net (income) loss attributable to noncontrolling interest	18		(20)



Net income available to common shareholders	$	3,577	$	4,482







Denominator:
Weighted-average shares outstanding - basic	12,948,178		12,810,956


Effect of dilutive instruments	233,035		308,336
Weighted-average shares outstanding - diluted	13,181,213		13,119,292



Earnings per common share - basic	$	0.28	$	0.35


Earnings per share common share - diluted	$	0.27	$	0.34

Instruments not included in the computation of diluted EPS because the effect would be antidilutive	417,038		171,960