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Earnings per Share
 9 Months Ended
Sep. 30, 2023
Earnings per share:  
Earnings per Share

7. 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 nine months ended September 30, 2023 excluded 130,409 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 nine months ended September 30, 2022 excluded 34,986 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 November 29, 2023, to common stockholders of record as of the close of business on November 15, 2023. The Board of Directors also declared a 5% stock dividend issuable December 15, 2023 to common stockholders of record on December 1, 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

September 30,

  

Nine months ended

September 30,

 
   2023   2022   2023   2022 
Net earnings  $2,878   $2,500   $9,597   $8,666 
                     
Weighted average common shares outstanding - basic (1)   5,218,961    5,228,270    5,215,908    5,237,743 
Assumed exercise of stock options (1)   2,594    13,802    4,349    15,573 
Weighted average common shares outstanding - diluted (1)   5,221,555    5,242,072    5,220,257    5,253,316 
Earnings per share (1):                    
Basic $0.55   $0.48   $1.84   $1.65 
Diluted $0.55   $0.48   $1.84   $1.65 

 

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