Note 2 - Earnings Per Share

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 2. EARNINGS PER SHARE

The following is a summary of the information used in the computation of basic and diluted earnings per share for the three and six months ended June 30, 2023 and 2022 (in thousands, except share data).

	Three months ended June 30,					Six months ended June 30,
	2023		2022			2023			2022
Earnings per common share - basic
Net income	$	6,547	$	9,404		$	10,359		$	19,507
Less: income allocated to participating securities		—		(7	)		(2	)		(23	)
Net income allocated to common shareholders		6,547		9,397			10,357			19,484
Weighted average basic shares outstanding		9,880,721		10,149,246			9,894,748			10,241,776
Basic earnings per common share	$	0.67	$	0.92		$	1.05		$	1.90
Earnings per common share - diluted
Net income allocated to common shareholders	$	6,547	$	9,397		$	10,357		$	19,484
Weighted average basic shares outstanding		9,880,721		10,149,246			9,894,748			10,241,776
Dilutive effect of securities		664		84,293			16,120			70,958
Total weighted average diluted shares outstanding		9,881,385		10,233,539			9,910,868			10,312,734
Diluted earnings per common share	$	0.67	$	0.92		$	1.05		$	1.89

The weighted average shares that have an antidilutive effect in the calculation of diluted earnings per common share and have been excluded from the computations above are shown below.

	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Stock options		—		—		8,318		—
Restricted stock awards		—		87		—		13
Restricted stock units		113,897		3,176		79,050		45,653