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Earnings per Share
 6 Months Ended
Jun. 30, 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 both the three and six months ended June 30, 2025, included all unexercised stock options, as no stock options were determined to be anti-dilutive during such periods. The diluted earnings per share computation for both the three and six months ended June 30, 2024, excluded 216,889 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 August 27, 2025, to common stockholders of record as of the close of business on August 13, 2025. The shares used in the calculation of basic and diluted earnings per share for the periods indicated are shown below:

   

(Dollars in thousands, except per share amounts)            
   Three months ended   Six months ended 
   June 30,   June 30, 
(Dollars in thousands, except per share amounts)  2025   2024   2025   2024 
Net earnings  $4,404   $3,012   $9,105   $5,790 
                     
Weighted average common shares outstanding - basic (1)   5,782,555    5,745,310    5,780,930    5,744,381 
Assumed exercise of stock options (1)   58,368    2,743    46,914    3,951 
Weighted average common shares outstanding - diluted (1)   5,840,923    5,748,053    5,827,844    5,748,332 
Earnings per share (1):                    
Basic   $0.76   $0.52   $1.58   $1.01 
Diluted   $0.75   $0.52   $1.56   $1.01 

 

(1)Share and per share values for the periods ended June 30, 2024 have been adjusted to give effect to the 5% stock dividend paid during December 2024.