EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2024

Earnings per share is based on the weighted average number of shares outstanding for the year. A reconciliation of the basic and diluted earnings per share is as follows:


	Year ended		Year ended
(Share count in thousands)	December 31, 2024		December 31, 2023

Basic
Net income attributable to common shareholders	$	13,751	$	13,059
Weighted average common shares outstanding	10,257		10,469
Basic earnings per share	$	1.34	$	1.25
Diluted
Net income attributable to common shareholders	$	13,751	$	13,059
Weighted average common shares outstanding	10,257		10,469

Add: Dilutive stock options outstanding	6		1
Average shares and dilutive potential common shares	10,263		10,470
Diluted earnings per share	$	1.34	$	1.25
Additional common stock option shares that have not been included due to their antidilutive effect	20		40

Dilutive shares outstanding consist of exercisable stock options whose strike prices were less than the annual average closing price of the Company’s common stock. At December 31, 2024 and December 31, 2023, there were 20 and 40 exercisable stock options, respectively, with a potentially dilutive effect. However their strike prices were higher than the annual average closing prices of the Company’s common stock and thus, excluded from diluted shares outstanding.