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EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2024

EARNINGS PER SHARE

EARNINGS PER SHARE

2. EARNINGS PER SHARE

The two-class method is used in the calculation of basic and diluted earnings per share (“EPS”). Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared and participation rights in undistributed earnings. The restricted stock awards granted by the Company contain non-forfeitable rights to dividends and therefore are considered participating securities.

The Company’s basic and diluted EPS calculations for the three months ended March 31, 2024 and 2023 are as follows. There were no stock options that were antidilutive for the three months ended March 31, 2024 and 2023.

​

​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
(in thousands, except share and per share data)		2024			2023
​	​	​	​	​	​	​
Net income available to common stockholders	​	$	4,061	​	$	3,209
Less: Dividends paid and earnings allocated to participating securities	​	​	(137)	​	​	(137)
Income attributable to common stock	​	$	3,924	​	$	3,072
Weighted average common shares outstanding, including participating securities	​	​	7,376,227	​	​	7,324,036
Less: Weighted average participating securities	​	​	(257,767)	​	​	(313,463)
Weighted average common shares outstanding	​		7,118,460	​		7,010,573
Basic EPS	​	$	0.55	​	$	0.44
​	​	​	​	​	​	​
Income attributable to common stock	​	$	3,924	​	$	3,072
Weighted average common shares outstanding	​		7,118,460	​		7,010,573
Weighted average common equivalent shares outstanding	​	​	44,699	​	​	92,233
Weighted average common and equivalent shares outstanding	​	​	7,163,159	​	​	7,102,806
Diluted EPS	​	$	0.55	​	$	0.43

​

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- References

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//260/tableOfContent

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-3

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