Net Income per Common Share

9 Months Ended

Sep. 30, 2024

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 and nine months ended September 30, 2024, 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. There were 434,000 and 518,000 outstanding options considered to be anti-dilutive for the three months ended September 30, 2024 and 2023, respectively. There were 807,000 and 137,000 outstanding options considered to be anti-dilutive for the nine months ended September 30, 2024 and 2023, respectively. There were no outstanding options considered to be anti-dilutive for the three and nine months ended September 30, 2022.

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



	For the Three Months Ended September 30,
		2024					2023					2022
			Income	Shares		Per Share		Income	Shares		Per Share		Income	Shares		Per Share
			(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount
	(In Thousands, except per share data)

Basic earnings per share:
Income available to common stockholders		$	6,193	17,039	$	0.36	$	6,538	16,830	$	0.39	$	13,218	16,982	$	0.78

Effect of dilutive securities:
Stock options			-	25				-	24				-	374

Diluted earnings per share:
Income available to common stockholders		$	6,193	17,064	$	0.36	$	6,538	16,854	$	0.39	$	13,218	17,356	$	0.76


	For the Nine Months Ended September 30,
		2024					2023					2022
			Income	Shares		Per Share		Income	Shares		Per Share		Income	Shares		Per Share
			(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount
	(In Thousands, except per share data)

Basic earnings per share:
Income available to common stockholders		$	13,994	16,991	$	0.82	$	22,901	16,868	$	1.36	$	32,883	16,986	$	1.94

Effect of dilutive securities:
Stock options			-	1				-	83				-	383

Diluted earnings per share:
Income available to common stockholders		$	13,994	16,992	$	0.82	$	22,901	16,951	$	1.35	$	32,883	17,369	$	1.89