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EARNINGS PER COMMON SHARE | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2024 and September 30, 2023:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Basic: |  |  |  |  |  |  |
Income from continuing operations | $ | 1,137 |  |  | $ | 1,970 |  |  | $ | 2,896 |  |  | $ | 4,254 |
Loss from discontinued operations | — |  |  | (47) |  |  | (69) |  |  | (207) |
Net income | 1,137 |  |  | 1,923 |  |  | 2,827 |  |  | 4,047 |
Less: Preferred stock dividends | 385 |  |  | 208 |  |  | 1,156 |  |  | 624 |
Net income available to common shareholders | $ | 752 |  |  | $ | 1,715 |  |  | $ | 1,671 |  |  | $ | 3,423 |
Weighted average common shares outstanding | 4,134,169 |  |  | 4,105,014 |  |  | 4,133,082 |  |  | 4,096,584 |
Basic earnings (loss) per common share: |  |  |  |  |  |  |
Continuing operations | $ | 0.18 |  |  | $ | 0.43 |  |  | $ | 0.42 |  |  | $ | 0.89 |
Discontinued operations | — |  |  | (0.01) |  |  | (0.02) |  |  | (0.05) |
Total | $ | 0.18 |  |  | $ | 0.42 |  |  | $ | 0.40 |  |  | $ | 0.84 |
Diluted: |  |  |  |  |  |  |
Income from continuing operations | $ | 1,137 |  |  | $ | 1,970 |  |  | $ | 2,896 |  |  | $ | 4,254 |
Loss from discontinued operations | — |  |  | (47) |  |  | (69) |  |  | (207) |
Net income | 1,137 |  |  | 1,923 |  |  | 2,827 |  |  | 4,047 |
Less: Preferred stock dividends | 385 |  |  | 208 |  |  | 1,156 |  |  | 624 |
Add: Series B preferred stock and preferred C stock dividends | — |  |  | 64 |  |  | — |  |  | 193 |
Net income available to common shareholders | $ | 752 |  |  | $ | 1,779 |  |  | $ | 1,671 |  |  | $ | 3,616 |
Weighted average common shares outstanding for basic earnings per common share | 4,134,169 |  |  | 4,105,014 |  |  | 4,133,082 |  |  | 4,096,584 |
Add: Dilutive effects of conversion of Series B preferred stock and Preferred C to common stock | — |  |  | 250,690 |  |  | — |  |  | 253,626 |
Add: Dilutive effects of assumed exercises of stock options and warrants | — |  |  | — |  |  | — |  |  | 4,098 |
Average shares and dilutive potential common shares | 4,134,169 |  |  | 4,355,704 |  |  | 4,133,082 |  |  | 4,354,308 |
Diluted earnings (loss) per common share: |  |  |  |  |  |  |
Continuing operations | $ | 0.18 |  |  | $ | 0.42 |  |  | $ | 0.42 |  |  | $ | 0.88 |
Discontinued operations | — |  |  | (0.01) |  |  | (0.02) |  |  | (0.05) |
Total | $ | 0.18 |  |  | $ | 0.41 |  |  | $ | 0.40 |  |  | $ | 0.83 |
The following securities outstanding at September 30, 2024 and September 30, 2023 have been excluded from the calculation of weighted average shares outstanding as their effect on the calculation of earnings (loss) per share are antidilutive:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Common stock options | 364,576 |  | 367,461 |  | 365,680 |  | 374,802
Convertible Series B preferred stock | 3,210 |  | 0 |  | 3,210 |  | 0
Convertible Series C preferred stock | 6,446 |  | 0 |  | 6,446 |  | 0

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