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Earnings Per Common Share
 9 Months Ended
Sep. 30, 2022
Earnings Per Common Share  
Earnings Per Common Share

5.    Earnings Per Common Share

Basic earnings per share include only the weighted average common shares outstanding. Diluted earnings per share include the weighted average common shares outstanding and any potentially dilutive common stock equivalent shares

in the calculation. Treasury shares are excluded for earnings per share purposes. For the three month periods ending September 30, 2022 and 2021, options to purchase 22,000 common shares, with an exercise price of $4.00 to $4.22, were outstanding but were not included in the computation of diluted earnings per common share because to do so would be antidilutive. For the nine month periods ending September 30, 2022 and 2021, options to purchase 12,000 common shares, with an exercise price of $4.19 to $4.22, and options to purchase 22,000 common shares, with an exercise price of $4.00 to $4.22, respectively, were outstanding but were not included in the computation of diluted earnings per common share because to do so would be antidilutive.

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Three months ended

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Nine months ended

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September 30, 

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September 30, 

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2022

    

2021

    

2022

    

2021

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(In thousands, except per share data)

Numerator:

 

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Net income

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$

2,102

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$

1,431

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$

6,501

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$

5,220

Denominator:

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Weighted average common shares outstanding (basic)

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17,111

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17,075

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17,105

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17,071

Effect of stock options

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34

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39

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41

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43

Weighted average common shares outstanding (diluted)

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17,145

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17,114

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17,146

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17,114

Earnings per common share:

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Basic

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$

0.12

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$

0.08

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$

0.38

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$

0.31

Diluted

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0.12

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0.08

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0.38

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0.31

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