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Earnings per Share
 9 Months Ended
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:

 

   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   $0.72   $0.53   $1.77   $1.75 
Diluted   $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.