Note 6 - Earnings Per Share

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

6. EARNINGS PER SHARE

Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options, result in the issuance of common stock which shares in the earnings of the Company. The treasury stock method has been applied to determine the dilutive effect of stock options in computing diluted earnings per share.

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
(In thousands, except per share data)	2022		2021		2022		2021
Net Income:
Net income	$	7,228	$	6,578	$	18,626	$	15,506
Earnings Per Share:
Basic earnings per share	$	1.24	$	1.13	$	3.19	$	2.87
Diluted earnings per share	$	1.23	$	1.12	$	3.15	$	2.83
Weighted Average Number of Shares Outstanding:
Basic shares		5,845		5,800		5,837		5,397
Diluted shares		5,895		5,885		5,911		5,477

Shares of common stock issuable under stock options for which the exercise prices were greater than the average market prices were not included in the computation of diluted earnings per share due to their antidilutive effect.  Stock options not included in the computation of diluted earnings per share, due to shares not being in-the-money and having an antidilutive effect, were approximately 119,000 for the three and nine-month periods ended September 30, 2022 and 0 and 5,000 for the three and nine-month periods ended September 30,  2021, respectively