Earnings Per Share

12 Months Ended

Dec. 31, 2022

The following table provides detail for basic earnings per share (EPS) and diluted (EPS) for the years ended December 31, 2022, 2021 and 2020:


	Income (Numerator)		Shares (Denominator)	Per-Share Amount
For the year ended December 31, 2022
Net income as reported	$	38,990,000

Basic EPS: Income available to common shareholders	38,990,000		10,931,328	$	3.56
Effect of dilutive securities: restricted stock			99,330
Diluted EPS: Income available to common shareholders plus assumed conversions	$	38,990,000	11,030,658	$	3.53
For the year ended December 31, 2021
Net income as reported	$	36,269,000

Basic EPS: Income available to common shareholders	36,269,000		10,903,844	$	3.33
Effect of dilutive securities: restricted stock			83,335
Diluted EPS: Income available to common shareholders plus assumed conversions	$	36,269,000	10,987,179	$	3.30
For the year ended December 31, 2020
Net income as reported	$	27,129,000

Basic EPS: Income available to common shareholders	27,129,000		10,858,606	$	2.50
Effect of dilutive securities: restricted stock			74,212
Diluted EPS: Income available to common shareholders plus assumed conversions	$	27,129,000	10,932,818	$	2.48

All EPS calculations have been made using the weighted average number of shares outstanding during the period. The dilutive securities are shares of restricted stock granted to certain key members of Management. The dilutive number of shares has been calculated using the treasury method, assuming that all granted stock was vested at the end of each period.