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Note 5 - Earnings Per Common Share
 3 Months Ended
Mar. 31, 2024
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 three months ended March 31, 2024 and 2023 (dollars in thousands, except per share data):

 

  

Three Months Ended

 
  

March 31, 2024

  

March 31, 2023

 

(Numerator):

        

Net income

 $3,209  $3,849 

(Denominator):

        

Weighted average shares outstanding – basic

  6,269,790   6,273,913 

Potentially dilutive common shares – restricted stock units

  12,744   7,203 

Weighted average shares outstanding – diluted

  6,282,534   6,281,116 

Income per common share

        

Basic

 $0.51  $0.61 

Diluted

 $0.51  $0.61 

 

Restricted stock units for 882 shares of common stock were not considered in computing diluted earnings per share for the three months ended  March 31, 2024 because they were antidilutive.  There were no antidilutive shares of common stock for the three months ended March 31, 2024.