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Note 5 - Earnings Per Common Share
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Earnings Per Share [Text Block]

Note 5. Earnings per Common Share

 

Basic earnings per common share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance.

 

The following table presents the computation of basic and diluted earnings per share for the three and  nine months ended September 30, 2022 and 2021 (dollars in thousands, except per share data):

 

  

Three Months Ended

  

Nine Months Ended

 
  

September 30, 2022

  

September 30, 2021

  

September 30, 2022

  

September 30, 2021

 

(Numerator):

                

Net income

 $4,454  $2,398  $12,018  $8,176 

(Denominator):

                

Weighted average shares outstanding – basic

  6,257,040   6,220,456   6,248,847   5,322,696 

Potentially dilutive common shares – restricted stock units

  7,067   9,068   6,121   7,243 

Weighted average shares outstanding – diluted

  6,264,107   6,229,524   6,254,968   5,329,939 

Income per common share

                

Basic

 $0.71  $0.39  $1.92  $1.54 

Diluted

 $0.71  $0.38  $1.92  $1.53 

 

Restricted stock units for 603 shares of common stock were not considered in computing diluted earnings per share for the three months and nine months ended September 30, 2022 because they were antidilutive.  There were no antidilutive shares of common stock for the three months and nine months ended  September 30, 2022