Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 13 - EARNINGS PER SHARE

The following table sets forth the computations of basic and diluted earnings per share:

	Years Ended December 31,
	2023		2022
	(In Thousands, Except Per Share Data)
Numerator, net income	$	16,759	$	29,233
Denominator:
Weighted average shares outstanding		8,105		8,174
Less: Weighted average unvested restricted shares		(43)		(37)
Denominator: Basic earnings per share		8,062		8,137
Weighted average shares outstanding, basic		8,062		8,137
Add: Dilutive effect of stock options and restricted stock		22		40
Denominator: Diluted earnings per share		8,084		8,177
Basic earnings per common share	$	2.08	$	3.59
Diluted earnings per common share	$	2.07	$	3.58

Stock options which had no intrinsic value because their effect would be anti-dilutive, and therefore would not be included in the diluted EPS calculation, were 56,000 and 60,500 for the years ended December 31, 2023 and 2022, respectively, based on the closing price of the Company’s common stock which was $32.91 and $33.44 as of December 31, 2023 and 2022, respectively.