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Earnings Per Common Share (EPS)
 12 Months Ended
Dec. 31, 2022
Earnings Per Common Share (EPS) [Abstract]  
Earnings Per Common Share (EPS) Note 13 – Earnings per common share (EPS)

Basic EPS excludes dilution and is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, or resulted in the issuance of common stock that then shared in the earnings of the entity.

The basic and diluted earnings per share calculations are as follows:

Years ended December 31,

2022

2021

Net income

$

8,959

$

7,589

Weighted average number of shares outstanding - basic and diluted

4,698,041

4,747,821

Earnings per common shares - basic and diluted

$

1.91

$

1.60


‎

Note 13 – Earnings per common share (EPS) (continued)

All restricted stock units (RSUs) were excluded from calculating diluted earnings per share as the Company elected to settle units vesting in 2022 and 2021 wholly in cash. There are currently no outstanding RSUs as of December 31, 2022. There were no potentially dilutive shares outstanding in 2022 and 2021. Consequently, the weighted average shares and weighted average diluted shares were identical. Weighted average and per share amounts for all periods have been adjusted to reflect a 10% stock dividend declared on May 18, 2021.