EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2024

5. EARNINGS PER SHARE

Basic earnings per share (“EPS”) are computed based on the weighted average number of common shares outstanding during the period. Diluted EPS includes additional common shares that would have been outstanding if potential common shares with a dilutive effect, such as stock awards from the Company’s restricted stock plan, had been issued. Anti-dilutive securities represent potentially dilutive securities which are excluded from the computation of diluted EPS as their impact would be anti-dilutive. Diluted EPS is computed using the treasury stock method.

The following table sets forth the computation of basic and diluted EPS for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
(in thousands, except share data)	2024		2023

Numerator:
Net income	$	525	$	664

Denominator:

Basic weighted-average common shares outstanding		8,400,354		8,303,117
Dilutive effect of service-based restricted stock awards granted to Board of Directors under the Plans		5,108		47,050
Dilutive effect of service-based restricted stock awards granted to employees under the Plans		94,892		-
Diluted weighted-average common shares outstanding		8,500,354		8,350,166
Basic earnings per share	$	0.06	$	0.08
Diluted earnings per share	$	0.06	$	0.08