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Note 3 - Earnings Per Share

9 Months Ended

Sep. 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 nine months ended September 30, 2025 and 2024:

		For the Three								For the Nine
		Months Ended								Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
Weighted-average common shares outstanding			9,963,968				9,950,342				9,960,883				9,946,146

Average treasury stock shares			(1,879,310	)			(1,879,310	)			(1,879,310	)			(1,869,706	)

Weighted-average common shares and common stock equivalents used to calculate basic earnings per share			8,084,658				8,071,032				8,081,573				8,076,440

Additional common stock equivalents (restricted stock) used to calculate diluted earnings per share			62,837				15,840				48,640				15,840

Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share			8,147,495				8,086,872				8,130,213				8,092,280

At September 30, 2025, there were no anti-dilutive shares and 27,793 anti-dilutive shares at September 30, 2024, excluded from the calculation of diluted earnings per share related to restricted stock awards.