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Earnings per Share
 6 Months Ended
Jun. 30, 2023
Earnings per share:  
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 and six months ended June 30, 2023 excluded 77,511 of unexercised stock options because their inclusion would have been anti-dilutive during such periods. The diluted earnings per share computation for the three and six months ended June 30, 2022 excluded 53,642 of unexercised stock options because their inclusion would have been anti-dilutive during such periods. The Company’s Board of Directors declared a cash dividend of $0.21 per share to be paid September 6, 2023, to common stockholders of record as of the close of business on August 23, 2023. The shares used in the calculation of basic and diluted earnings per share are shown below:

 

   2023   2022   2023   2022 
(Dollars in thousands, except per share amounts) 

Three months ended

June 30,

  

Six months ended

June 30,

 
   2023   2022   2023   2022 
Net earnings  $3,362   $3,033   $6,719   $6,166 
                     
Weighted average common shares outstanding - basic (1)   5,215,575    5,237,837    5,214,357    5,242,558 
Assumed exercise of stock options (1)   3,975    14,709    5,403    17,756 
Weighted average common shares outstanding - diluted (1)   5,219,550    5,252,546    5,219,760    5,260,313 
Earnings per share (1):                    
Basic   $0.64   $0.58   $1.29   $1.18 
Diluted   $0.64   $0.58   $1.29   $1.17 

 

(1)Share and per share values for the periods ended June 30, 2022 have been adjusted to give effect to the 5% stock dividend paid during December 2022.