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Note 3 - Earnings Per Share
 6 Months Ended
Jun. 30, 2025
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 and six months ended June 30, 2025 and 2024:

 

  

For the Three

  

For the Six

 
  

Months Ended

  

Months Ended

 
  

June 30,

  

June 30,

 
  

2025

  

2024

  

2025

  

2024

 
                 

Weighted-average common shares outstanding

  9,960,503   9,946,454   9,959,316   9,944,025 
                 

Average treasury stock shares

  (1,879,310)  (1,879,310)  (1,879,310)  (1,864,851)
                 

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

  8,081,193   8,067,144   8,080,006   8,079,174 
                 

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

  32,379   5,355   27,060   5,355 
                 

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

  8,113,572   8,072,499   8,107,066   8,084,529 

 

At June 30, 2025 and 2024, there were 52,181 and 33,001 anti-dilutive shares, respectively, excluded from the calculation of diluted earnings per share related to restricted stock awards.