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Earnings Per Common Share
 9 Months Ended
Sep. 30, 2023
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, 2023 and 2022, options to purchase 287,500 common shares, with an exercise price of $2.96 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 anti-dilutive. For the nine-month periods ending September 30, 2023 and 2022, options to purchase 177,000 common shares, with an exercise price of $3.32 to $4.22, and options to purchase 12,000 common shares, with an exercise price of $4.19 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 anti-dilutive.

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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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2023

    

2022

    

2023

    

2022

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(In thousands, except per share data)

Numerator:

 

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Net income

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$

647

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$

2,102

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$

1,975

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$

6,501

Denominator:

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Weighted average common shares outstanding (basic)

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17,147

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17,111

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17,142

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17,105

Effect of stock options

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—

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34

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4

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41

Weighted average common shares outstanding (diluted)

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17,147

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17,145

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17,146

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17,146

Earnings per common share:

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Basic

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$

0.04

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$

0.12

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$

0.12

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$

0.38

Diluted

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0.04

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0.12

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0.12

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0.38

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