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Note 6 - Earnings Per Share | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Earnings Per Share [Text Block] | NOTE 6 – EARNINGS PER SHARE Earnings per share (“EPS”) are based upon the weighted average number of common shares outstanding during each year. The following table shows: (1) weighted average basic shares, (2) effect of dilutive securities related to non-vested restricted stock, and (3) weighted average shares of common stock and common stock equivalents. Net income available to common stockholders is calculated as net income reduced by dividends accumulated on preferred stock, if any. Basic EPS is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period, excluding unvested restricted stock awards. Diluted EPS is calculated using the weighted average diluted shares, which reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The dilutive shares included in year-to-date diluted EPS is a weighted average of the dilutive shares included in each quarterly diluted EPS computation under the treasury stock method. The Company has two forms of outstanding common stock: fully vested common stock and unvested restricted stock awards. Holders of restricted stock awards receive non-forfeitable dividends at the same rate as common stockholders and they both share equally in undistributed earnings. Therefore, under the two-class method the difference in EPS is not significant for these participating securities. The Company’s calculation of basic and diluted EPS for the three and nine-month periods ended September 30, 2024 and 2023 are reflected in the tables below.
|  | Three Months Ended |
|  | September 30, |
(in thousands) |  | 2024 |  |  | 2023 |
BASIC EARNINGS PER SHARE |  |  |  |  |  |  |  |
Net income |  | $ | 7,324 |  |  | $ | 7,354 |
Weighted average shares outstanding |  |  | 8,221 |  |  |  | 8,197 |
Net income per common share |  | $ | 0.89 |  |  | $ | 0.90 |
DILUTED EARNINGS PER SHARE |  |  |  |  |  |  |  |
Net income |  | $ | 7,324 |  |  | $ | 7,354 |
Weighted average shares outstanding |  |  | 8,221 |  |  |  | 8,197 |
Effect of dilutive non-vested restricted shares |  |  | 43 |  |  |  | 35 |
Weighted average shares of common stock and common stock equivalents |  |  | 8,264 |  |  |  | 8,232 |
Net income per diluted common share |  | $ | 0.89 |  |  | $ | 0.89 |
|  | Nine Months Ended |
|  | September 30, |
(in thousands) |  | 2024 |  |  | 2023 |
BASIC EARNINGS PER SHARE |  |  |  |  |  |  |  |
Net income |  | $ | 18,940 |  |  | $ | 24,983 |
Weighted average shares outstanding |  |  | 8,217 |  |  |  | 8,192 |
Net income per common share |  | $ | 2.30 |  |  | $ | 3.05 |
DILUTED EARNINGS PER SHARE |  |  |  |  |  |  |  |
Net income |  | $ | 18,940 |  |  | $ | 24,983 |
Weighted average shares outstanding |  |  | 8,217 |  |  |  | 8,192 |
Effect of dilutive non-vested restricted shares |  |  | 35 |  |  |  | 37 |
Weighted average shares of common stock and common stock equivalents |  |  | 8,252 |  |  |  | 8,229 |
Net income per diluted common share |  | $ | 2.30 |  |  | $ | 3.04 |

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