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Earnings Per Share
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

NOTE 2 - EARNINGS PER SHARE

 

Earnings per share (“EPS”) have been computed based on the weighted average number of common shares outstanding during the periods presented. The average number of common shares used in the computation of basic and diluted earnings per share are set forth in the table below. There were no anti-dilutive shares in 2024 or 2023. Participating securities in the table reflect nonvested restricted shares that participate in dividends declared and paid by the Company on its common shares prior to vesting of the restricted shares.

 

   Three Months Ended
March 31,		 
($ and outstanding shares in thousands - except per share data)  2024   2023 
         
Distributed earnings allocated to common shares  $917   $876 
Undistributed earnings allocated to common shares   1,443    1,567 
           
Net earnings allocated to common shares   2,360    2,443 
Net earnings allocated to participating securities   8    7 
Net Income allocated to common shares and participating securities  $2,368   $2,450 
           
Weighted average shares outstanding for basic earnings per share   6,715    6,933 
Dilutive effect of stock compensation   8    75 
Weighted average shares outstanding for diluted earnings per share   6,723    7,008 
           
Basic earnings per common share  $0.35   $0.35 
           
Diluted earnings per common share  $0.35   $0.35