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Note 17 - Earnings Per Share
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Earnings Per Share [Text Block]

NOTE 17 – EARNINGS PER SHARE

 

The Company computes earnings per share using the two-class method, which is an earnings allocation method for computing earnings per share that treats a participating security as having rights to earnings that would otherwise have been available to common shareholders. Basic earnings per share are computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Unvested share-based awards containing non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per share pursuant to the two-class method. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. For earnings per share calculations for 2021, the ESOP shares committed to be released were included as outstanding shares for both basic and diluted earnings per share. All ESOP shares were allocated as of December 31, 2021.

 

The following table presents a reconciliation of the components used to compute basic and diluted earnings per share at or for the years indicated:

 

   

At or For the Year Ended December 31,

  

Numerator (Dollars in thousands, except per share amounts):

  

2023

    

2022

    

2021

  

Net income

   $ 36,053     $ 29,649     $ 37,412  

Dividends and undistributed earnings allocated to participating securities

     (578 )     (554 )     (611 )

Net income available to common shareholders

   $ 35,475     $ 29,095     $ 36,801  

Denominator (shown as actual):

                        

Basic weighted average common shares outstanding

     7,656,526       7,754,507       8,217,916  

Dilutive shares

     118,907       119,133       200,580  

Diluted weighted average common shares outstanding

     7,775,433       7,873,640       8,418,496  

Basic earnings per share

   $ 4.63     $ 3.75     $ 4.48  

Diluted earnings per share

   $ 4.56     $ 3.70     $ 4.37  

Potentially dilutive weighted average share options that were not included in the computation of diluted earnings per share because to do so would be anti-dilutive.

     56,520       61,912       16,466