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Earnings per Share
 3 Months Ended
Mar. 31, 2024
Earnings per share:  
Earnings per Share

6. 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, 2024 and 2023, excluded 167,440 and 51,178, respectively, 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 May 29, 2024, to common stockholders of record as of the close of business on May 15, 2024. The shares used in the calculation of basic and diluted earnings per share are shown below:

 

   2024   2023 
   Three months ended 
(Dollars in thousands, except per share amounts)  March 31, 
   2024   2023 
Net earnings  $2,778   $3,357 
           
Weighted average common shares outstanding - basic (1)   5,469,954    5,473,781 
Assumed exercise of stock options (1)   4,898    7,941 
Weighted average common shares outstanding - diluted (1)   5,474,852    5,481,722 
Earnings per share (1):          
Basic $0.51   $0.61 
Diluted $0.51   $0.61 

 

  (1) Share and per share values for the periods ended March 31, 2023 have been adjusted to give effect to the 5% stock dividend paid during December 2023.