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Earnings per Share | 9 Months Ended
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Sep. 30, 2024
Earnings per Share [Abstract] |
Earnings per Share | Note 3 – Earnings per Share The following table sets forth the computation of earnings per share.
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net income applicable to common stock |  | $ | 7,536,000 |  |  | $ | 7,548,000 |  |  | $ | 19,835,000 |  |  | $ | 10,271,000 |
Basic earnings per share computation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding |  |  | 4,749,679 |  |  |  | 4,746,541 |  |  |  | 4,748,988 |  |  |  | 4,321,848 |
Earnings per share - basic |  | $ | 1.59 |  |  | $ | 1.59 |  |  | $ | 4.18 |  |  | $ | 2.38 |
Diluted earnings per share computation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding for basic earnings per share |  |  | 4,749,679 |  |  |  | 4,746,541 |  |  |  | 4,748,988 |  |  |  | 4,321,848 |
Add: Dilutive effects of restricted stock |  |  | 1,545 |  |  |  | - |  |  |  | 4,939 |  |  |  | - |
Weighted average common shares outstanding for dilutive earnings per share |  |  | 4,751,224 |  |  |  | 4,746,541 |  |  |  | 4,753,927 |  |  |  | 4,321,848 |
Earnings per share - diluted |  | $ | 1.59 |  |  | $ | 1.59 |  |  | $ | 4.17 |  |  | $ | 2.38 |
For the three months ended September 30, 2024 and 2023, there were 3,025 and 5,535 shares, respectively, related to the restricted stock plan that were excluded from the diluted earnings per share calculations since they were anti-dilutive. These anti-dilutive shares had per share prices ranging from $60.16-$83.38 for the three month period ended September 30, 2024 and per share prices ranging from $44.93-$83.38 for the three month period ended September 30, 2023. For the nine months ended September 30, 2024 and 2023, 3,025 and 5,535 shares, respectively, related to the restricted stock plan were excluded from the diluted earnings per share calculations since they were anti-dilutive. These anti-dilutive shares had prices ranging from $60.16-$83.38 for the nine month period ended September 30, 2024 and prices ranging from $44.93-$83.38 for the nine month period ended September 30, 2023.

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