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Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share

Note 2: Earnings Per Share

 

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, 2024 and 2023 is computed as follows:

 

   Twelve Months Ended
December 31,		 
($ and outstanding shares in thousands - except per share data)  2024   2023 
         
Distributed earnings allocated to common shares  $3,770   $3,584 
Undistributed earnings allocated to common shares   7,666    8,482 
Net earnings allocated to common shares   11,436    12,066 
Net earnings allocated to participating securities   34    29 
Net Income allocated to common shares and participating securities  $11,470   $12,095 
           
Weighted average shares outstanding for basic earnings per share   6,660    6,829 
Dilutive effect of stock compensation   20    88 
Weighted average shares outstanding for diluted earnings per share   6,680    6,917 
           
Basic earnings per common share  $1.72   $1.77 
           
Diluted earnings per common share  $1.72   $1.75 

 

There were no anti-dilutive shares in 2024 or 2023.