Net Income per Common Share

3 Months Ended

Mar. 31, 2023

Net Income per Common Share [Abstract]

Note 5 – Net Income per Common Share

Basic net income per common share is computed by dividing net income less dividends on preferred stock by the weighted average number of shares of common stock outstanding. The diluted net income per common share is computed by adjusting the weighted average number of shares of common stock outstanding to include the effects of outstanding stock options, if dilutive, using the treasury stock method. Dilution is not applicable in periods of net loss. For the three months ended March 31, 2023 and 2022, the difference in the weighted average number of basic and diluted common shares was due solely to the effects of outstanding stock options. No adjustments to net income were necessary in calculating basic and diluted net income per share. For the three months ended March 31, 2023 and 2022, there were no outstanding options considered to be anti-dilutive.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations:



	For the Three Months Ended March 31,
	2023					2022
		Income	Shares		Per Share		Income	Shares		Per Share
		(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount
	(In Thousands, except per share data)
Net income available to common stockholders	$	7,933				$	9,676

Basic earnings per share:
Income available to common stockholders	$	7,933	16,949	$	0.47	$	9,676	16,980	$	0.57

Effect of dilutive securities:
Stock options		-	259				-	363

Diluted earnings per share:
Income available to common stockholders	$	7,933	17,208	$	0.46	$	9,676	17,343	$	0.56