XML 26 R17.htm IDEA: XBRL DOCUMENT v3.22.2.2
Note 10 - Earnings Per Share
 9 Months Ended
Sep. 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 nine months ended September 30, 2022 and 2021:

 

(Net income in thousands)

  

Three Months Ended September 30,

   

Nine Months Ended September 30,

 
   

2022

    

2021

    

2022

    

2021

  

Basis earnings per share:

                                

Net income attributable to Common shareholders

   $ 2,326     $ 1,323     $ 4,391     $ 3,199  

Divided by:

                                

Weighted average shares outstanding

     3,957,269       3,947,284       3,957,010       3,945,816  
                                 

Basic earnings per common share

   $ 0.59     $ 0.34     $ 1.11     $ 0.81  
                                 

Diluted earnings per share:

                                

Net income attributable to Common shareholders

   $ 2,326     $ 1,323     $ 4,391     $ 3,199  
                                 

Weighted average shares outstanding

     3,957,269       3,947,284       3,957,010       3,945,816  
                                 

Effect of potentially dilutive restricted common shares

     6,439       1,141       8,588       9,019  
                                 

Divided by:

                                

Weighted average diluted shares outstanding

     3,963,708       3,948,425       3,965,598       3,954,835  
                                 

Diluted earnings per common share

   $ 0.59     $ 0.34     $ 1.11     $ 0.81