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Note 10 - Earnings Per Share

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 10.     Earnings per share

The Company is required to present basic earnings per share and diluted earnings per share in its Consolidated Statements of Operations. Basic earnings per share amounts are computed by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share reflects additional common shares that would have been outstanding if potentially dilutive common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding unvested RSAs granted to directors and employees. The dilutive effect resulting from these potential shares is determined using the treasury stock method. The Company is also required to provide a reconciliation of the numerator and denominator used in the computation of both basic and diluted earnings per share.

The following table summarizes the computation of basic and diluted earnings per share for the three and six months ended June 30, 2022 and 2021:

(Net income in thousands)		Three Months Ended June 30,								Six Months Ended June 30,
		2022				2021				2022				2021
Basis earnings per share:
Net income attributable to Common shareholders		$	1,265			$	1,022			$	2,065			$	1,876
Divided by:
Weighted average shares outstanding			3,957,260				3,946,544				3,956,878				3,945,070
Basic earnings per common share		$	0.32			$	0.26			$	0.52			$	0.48
Diluted earnings per share:
Net income attributable to Common shareholders		$	1,265			$	1,022			$	2,065			$	1,876
Weighted average shares outstanding			3,957,260				3,946,544				3,956,878				3,945,070
Effect of potentially dilutive restricted common shares			9,819				11,351				8,395				8,924
Divided by:
Weighted average diluted shares outstanding			3,967,079				3,957,895				3,965,273				3,953,994
Diluted earnings per common share		$	0.32			$	0.26			$	0.52			$	0.47

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-URI https://asc.fasb.org/topic&trid=2144383

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257

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