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Note 3 - Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Earnings Per Share [Text Block]

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 year ended December 31:

 

  

For the Twelve

 
  

Months Ended

 
  

December 31,

 
  

2024

  

2023

 
         

Weighted-average common shares outstanding

  9,947,420   9,925,689 
         

Average treasury stock shares

  (1,872,120)  (1,822,459)
         

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

  8,075,300   8,103,230 
         

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

  10,798   22,783 
         

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

  8,086,098   8,126,013 

 

Outstanding on  December 31, 2024, were 109,831 shares of restricted stock, 99,033 shares of which were anti-dilutive.

 

Outstanding on  December 31, 2023, were 78,573 shares of restricted stock, 55,790 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  December 31, 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  December 31, 2023.