XML 23 R11.htm IDEA: XBRL DOCUMENT v3.24.3
Note 3 - Earnings Per Share
 9 Months Ended
Sep. 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 Nine

 
  

Months Ended

  

Months Ended

 
  

September 30,

  

September 30,

 
  

2024

  

2023

  

2024

  

2023

 
                 

Weighted-average common shares outstanding

  9,950,342   9,927,946   9,946,146   9,924,597 
                 

Average treasury stock shares

  (1,879,310)  (1,835,452)  (1,869,706)  (1,818,080)
                 

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

  8,071,032   8,092,494   8,076,440   8,106,517 
                 

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

  15,840   8,812   15,840   8,812 
                 

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

  8,086,872   8,101,306   8,092,280   8,115,329 

 

On September 30, 2024, there were 43,633 shares of restricted stock, 27,793 shares of which were anti-dilutive.

 

On September 30, 2023, there were 57,361 shares of restricted stock, 48,549 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 September 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 September 30, 2023.