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OUTSTANDING SHARES AND EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2023
OUTSTANDING SHARES AND EARNINGS PER SHARE [Abstract]  
OUTSTANDING SHARES AND EARNINGS PER SHARE
10. 
OUTSTANDING SHARES AND EARNINGS PER SHARE

On January 26, 2023, the Board of Directors of the Company declared a 5% stock dividend payable March 24, 2023 to shareholders of record as of February 28, 2023. All income per share amounts have been adjusted to give retroactive effect to stock dividends.
Earnings Per Share (EPS)
Basic EPS includes no dilution and is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the respective period. Diluted EPS is computed by dividing net income available to common shareholders by the weighted average number of shares outstanding plus dilutive shares for the quarter. Diluted shares include all common stock equivalents (“in-the-money” stock options, unvested restricted stock, stock units, warrants and rights, convertible bonds and preferred stock), which reflects the potential dilution of securities that could share in the earnings of the Company.
The following table presents a reconciliation of basic and diluted EPS for the three and six months ended June 30, 2023 and 2022 (dollars in thousands except per share amounts):
 
  
Three months ended
June 30,
    
Six months ended
June 30,
  
 
  
2023
    
2022
    
2023
    
2022
  
Basic earnings per share:
                        
Net income
  
$
4,564
    
$
3,546
    
$
10,053
    
$
6,587
  
 
                                
Weighted average common shares outstanding
    
14,454,826
      
14,408,458
      
14,438,460
      
14,390,219
  
Basic EPS
  
$
0.32
    
$
0.25
    
$
0.70
    
$
0.46
  
 
                                
Diluted earnings per share:
                                
Net income
  
$
4,564
    
$
3,546
    
$
10,053
    
$
6,587
  
 
                                
Weighted average common shares outstanding
    
14,454,826
      
14,408,458
      
14,438,460
      
14,390,219
  
 
                                
Effect of dilutive shares
    
92,894
      
154,659
      
113,913
      
168,885
  
 
                                
Adjusted weighted average common shares outstanding
    
14,547,720
      
14,563,117
      
14,552,373
      
14,559,104
  
Diluted EPS
  
$
0.31
    
$
0.24
    
$
0.69
    
$
0.45
  

Stock options which were not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect amounted to 513,038 shares and 411,495 shares for the three months ended June 30, 2023 and 2022, respectively. Unvested restricted stock which were not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect amounted to 104,106 shares and 74,522 shares for the three months ended June 30, 2023 and 2022, respectively. Stock options which were not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect amounted to 513,048 shares and 362,647 shares for the six months ended June 30, 2023 and 2022, respectively. Unvested restricted stock which were not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect amounted to 67,847 shares and 55,583 shares for the six months ended June 30, 2023 and 2022, respectively.