XML 27 R17.htm IDEA: XBRL DOCUMENT v3.23.1
Earnings per Share
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Earnings per Share

8. Earnings per Share

 

Basic earnings per share have been computed based upon the weighted average number of common shares outstanding during each period. Diluted earnings per share include the effect of all potential common shares outstanding during each period. The diluted earnings per share computation for the three months ended March 31, 2023 excluded 49,255 of unexercised stock options because their inclusion would have been anti-dilutive during such period. The diluted earnings per share computation for the three months ended March 31, 2022 excluded 53,642 of unexercised stock options because their inclusion would have been anti-dilutive during such period. The Company’s Board of Directors declared a cash dividend of $0.21 per share to be paid May 31, 2023, to common stockholders of record as of the close of business on May 17, 2023. The shares used in the calculation of basic and diluted earnings per share are shown below:

 

           
   Three months ended 
(Dollars in thousands, except per share amounts)  March 31, 
   2023   2022 
Net earnings  $3,357   $3,133 
           
Weighted average common shares outstanding - basic (1)   5,213,125    5,247,332 
Assumed exercise of stock options (1)   7,563    20,576 
Weighted average common shares outstanding - diluted (1)   5,220,688    5,267,908 
Earnings per share (1):          
Basic  $0.64   $0.60 
Diluted  $0.64   $0.59 

 

  (1) Share and per share values for the periods ended March 31, 2022 have been adjusted to give effect to the 5% stock dividend paid during December 2022.