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Note 11 - Earnings Per Share
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Earnings Per Share [Text Block]

NOTE 11 – 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 Company.

 

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

 

  

At or For the Three Months Ended June 30,

  

At or For the Six Months Ended June 30,

 

Numerator

 

2024

  

2023

  

2024

  

2023

 

Net income

 $8,959  $9,116  $17,356  $17,328 

Dividends and undistributed earnings allocated to participating securities

  (138)  (160)  (270)  (307)

Net income available to common shareholders

 $8,821  $8,956  $17,086  $17,021 

Denominator (shown as actual):

                

Basic weighted average common shares outstanding

  7,688,246   7,637,210   7,664,368   7,635,647 

Dilutive shares

  108,007   109,126   114,354   133,870 

Diluted weighted average common shares outstanding

  7,796,253   7,746,336   7,778,722   7,769,517 

Basic earnings per share

 $1.15  $1.17  $2.23  $2.23 

Diluted earnings per share

 $1.13  $1.16  $2.20  $2.19 

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.

  37,949   67,675   33,000   50,555