XML 24 R11.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Note 3 - Earnings Per Share
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Earnings Per Share [Text Block]

NOTE 3 - EARNINGS PER SHARE

 

The Company provides a dual presentation of basic and diluted earnings per share. Basic earnings per share is calculated by dividing net income by the average shares outstanding. Diluted earnings per share adds the dilutive effects of restricted stock to average shares outstanding.

 

The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation.

 

  

For the Three

  

For the Six

 
  

Months Ended

  

Months Ended

 
  

June 30,

  

June 30,

 
  

2024

  

2023

  

2024

  

2023

 
                 

Weighted-average common shares outstanding

  9,946,454   9,924,245   9,944,025   9,922,895 
                 

Average treasury stock shares

  (1,879,310)  (1,835,452)  (1,864,851)  (1,809,250)
                 

Weighted-average common shares and common stock equivalents used to calculate basic earnings per share

  8,067,144   8,088,793   8,079,174   8,113,645 
                 

Additional common stock equivalents (stock options and restricted stock) used to calculate diluted earnings per share

  5,355   13,191   5,355   13,191 
                 

Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share

  8,072,499   8,101,984   8,084,529   8,126,836 

 

On June 30, 2024, there were 38,356 shares of restricted stock, 33,001 shares of which were anti-dilutive.

 

On June 30, 2023, there were 70,219 shares of restricted stock, 57,028 shares of which were anti-dilutive.

 

When shares recognized as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. The reserve for the Company’s treasury shares comprises the cost of the Company’s shares held by the Company. As of June 30, 2024, the Company held 1,879,310 of the Company’s shares, which is an increase of 43,858 from the 1,835,452 shares held as of June 30, 2023.