Note 10 - Earnings Per Share

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 10 – Earnings Per Share

Earnings per share are computed using the two-class method. Basic earnings per share is computed by dividing net income allocated to common shares by the weighted average number of common shares outstanding during the applicable period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding adjusted for the dilutive effect of all potential common shares.

There were 183,000 and 199,000 antidilutive shares of common stock for the three months ended September 30, 2024 and 2023, respectively. There were 206,000 and 162,000 antidilutive shares of common stock for the nine months ended  September 30, 2024 and 2023, respectively. 

Presented below are the calculations for basic and diluted earnings per share:

	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	(In Thousands, except per share amounts)
Net income	$	4,728	$	3,253	$	13,478	$	9,415
Weighted average shares outstanding		18,350		19,998		18,631		20,420
Effect of dilutive potential common shares		95		24		46		53
Diluted weighted average shares outstanding	$	18,445	$	20,022	$	18,677	$	20,473
Basic earnings per share	$	0.26	$	0.16	$	0.72	$	0.46
Diluted earnings per share	$	0.26	$	0.16	$	0.72	$	0.46