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Earnings per Share | 9 Months Ended
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Sep. 30, 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 included the effect of all potential common shares outstanding during each period. The diluted earnings per share computation for both the three and nine months ended September 30, 2024, excluded 197,858 of unexercised stock options, because their inclusion would have been anti-dilutive during such periods. The diluted earnings per share computation for both the three and nine months ended September 30, 2023, excluded 136,930 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 27, 2024, to common stockholders of record as of the close of business on November 13, 2024. The Board of Directors also declared a 5% stock dividend issuable December 16, 2024 to common stockholders of record as of the close of business on December 2, 2024. The shares used in the calculation of basic and diluted earnings per share for the periods indicated are shown below: Schedule of Shares Used in Calculation of Basic and Diluted Earnings Per Share
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | Three months ended |  |  | Nine months ended |
(Dollars in thousands, except per share amounts) |  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net earnings |  | $ | 3,931 |  |  | $ | 2,878 |  |  | $ | 9,721 |  |  | $ | 9,597 |
Weighted average common shares outstanding - basic (1) |  |  | 5,490,808 |  |  |  | 5,479,909 |  |  |  | 5,477,453 |  |  |  | 5,476,703 |
Assumed exercise of stock options (1) |  |  | 4,920 |  |  |  | 2,724 |  |  |  | 4,003 |  |  |  | 4,567 |
Weighted average common shares outstanding - diluted (1) |  |  | 5,495,728 |  |  |  | 5,482,633 |  |  |  | 5,481,456 |  |  |  | 5,481,270 |
Earnings per share (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic (1) |  | $ | 0.72 |  |  | $ | 0.53 |  |  | $ | 1.77 |  |  | $ | 1.75 |
Diluted (1) |  | $ | 0.72 |  |  | $ | 0.52 |  |  | $ | 1.77 |  |  | $ | 1.75 |
(1) | Share and per share values for the periods ended September 30, 2023 have been adjusted to give effect to the 5% stock dividend paid during December 2023.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
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