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Earnings per Share
 3 Months Ended
Mar. 31, 2025
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 the three months ended March 31, 2025, included all unexercised stock options. The diluted earnings per share computation for the three months ended March 31, 2024, excluded 178,812 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 June 4, 2025, to common stockholders of record as of the close of business on May 21, 2025. The shares used in the calculation of basic and diluted earnings per share for the periods indicated are shown below:

  

   2025   2024 
   Three months ended 
(Dollars in thousands, except per share amounts)  March 31, 
   2025   2024 
Net earnings  $4,701   $2,778 
           
Weighted average common shares outstanding - basic (1)   5,777,593    5,743,452 
Assumed exercise of stock options (1)   37,057    5,143 
Weighted average common shares outstanding - diluted (1)   5,814,650    5,748,595 
Earnings per share (1):          
Basic   $0.81   $0.48 
Diluted  $0.81   $0.48 

 

  (1)Share and per share values for the periods ended March 31, 2024 have been adjusted to give effect to the 5% stock dividend paid during December 2024.