Earnings per Share

6 Months Ended

Jun. 30, 2024

Earnings per share:

Earnings per Share

6. Earnings per Share

Basic earnings per share have been computed based upon the weighted average number of common shares outstanding during each period. Diluted earnings per share included the effect of all potential common shares outstanding during each period. The diluted earnings per share computation for both the three and six months ended June 30, 2024, excluded 206,561 of unexercised stock options, because their inclusion would have been anti-dilutive during such periods. The diluted earnings per share computation for both the three and six months ended June 30, 2023, excluded 81,387 of unexercised stock options because their inclusion would have been anti-dilutive during such periods. The Company’s Board of Directors declared a cash dividend of $0.21 per share to be paid September 4, 2024, to common stockholders of record as of the close of business on August 21, 2024. The shares used in the calculation of basic and diluted earnings per share for the periods indicated are shown below:

	Three months ended				Six months ended
(Dollars in thousands, except per share amounts)	June 30,				June 30,
	2024		2023		2024		2023
Net earnings	$	3,012	$	3,362	$	5,790	$	6,719
Weighted average common shares outstanding - basic (1)		5,471,724		5,476,354		5,470,839		5,475,075
Assumed exercise of stock options (1)		2,612		4,174		3,763		5,673
Weighted average common shares outstanding - diluted (1)		5,474,336		5,480,528		5,474,602		5,480,748
Earnings per share (1):
Basic	$	0.55	$	0.61	$	1.06	$	1.23
Diluted	$	0.55	$	0.61	$	1.06	$	1.23

(1) Share and per share values for the periods ended June 30, 2023 have been adjusted to give effect to the 5% stock dividend paid during December 2023.