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Earnings Per Share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share

Note 2: Earnings Per Share

 

EPS is computed using the two-class method. Basic EPS is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the applicable period, excluding participating securities. Participating securities include non-vested restricted stock awards. Non-vested restricted stock awards are considered participating securities to the extent the holders of these securities receive non-forfeitable dividends at the same rate as holders of common shares. Diluted EPS is computed using the weighted-average number of shares determined for the basic EPS plus the dilutive effect of stock compensation using the treasury stock method. EPS for the years ended December 31, 2023 and 2022 is computed as follows:

 

   Twelve Months Ended
December 31,		 
($ and outstanding shares in thousands - except per share data)  2023   2022 
         
Distributed earnings allocated to common shares  $3,584   $3,412 
Undistributed earnings allocated to common shares   8,482    9,082 
Net earnings allocated to common shares   12,066    12,494 
Net earnings allocated to participating securities   29    27 
Net Income allocated to common shares and participating securities  $12,095   $12,521 
           
Weighted average shares outstanding for basic earnings per share   6,829    7,005 
Dilutive effect of stock compensation   88    73 
Weighted average shares outstanding for diluted earnings per share   6,917    7,078 
           
Basic earnings per common share  $1.77   $1.79 
Diluted earnings per common share  $1.75   $1.77 

 

There were no anti-dilutive shares in 2023 or 2022.

 

On January 10, 2022, the Company announced that its board of directors had declared a 5 percent common stock dividend payable on February 4, 2022, to shareholders of record as of January 21, 2022. Holders of the Company’s common shares as of the record date received one additional common share for every twenty common shares held on the record date. No fractional shares were issued, and shareholders received cash for such fractional interests based on the closing price of $19.89 of the Company’s common shares on the record date.