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Computation of Earnings Per Common Share (Tables) | 12 Months Ended
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Dec. 31, 2023
Earnings Per Share [Abstract] |
Computation of earnings per common share | Earnings per common share have been computed based on the following for the years ended December 31:
| 2023 |  | 2022 |  | 2021
Average number of common shares outstanding for basic calculation | 7,511,591 |  |  | 7,549,878 |  |  | 7,853,398 |
Average potential effect of common shares in the Directors Plan (1) | 34,962 |  |  | 70,329 |  |  | 99,813 |
Average potential effect of common shares in the RSP | 28,939 |  |  | 27,405 |  |  | 12,750 |
Average number of common shares outstanding used to calculate diluted earnings per common share | 7,575,492 |  |  | 7,647,612 |  |  | 7,965,961 |
Net income | $ | 18,167 |  |  | $ | 22,238 |  |  | $ | 19,499 |
Earnings per common share |  |  |  |  |
Basic | $ | 2.42 |  |  | $ | 2.95 |  |  | $ | 2.48 |
Diluted | $ | 2.40 |  |  | $ | 2.91 |  |  | $ | 2.45 |
(1) Exclusive of shares held in the Rabbi Trust

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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 + Details
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