Note 16 - Earnings Per Share

12 Months Ended

Dec. 31, 2022

Notes

Note 16 - Earnings Per Share

Note 16 – Earnings Per Share

Basic earnings per share is calculated by dividing net income attributable to the common stockholders of the company by the weighted average number of common shares outstanding during the period.  Diluted earnings per share is calculated by assuming the exercise of stock options at the closing price of stock at the end of 2022.

The following table reconciles the numerator and the denominator used to calculate basic and diluted earnings per share:

	2022	2021	2020
Numerator (in thousands)
Net income	16,473	14,788	10,798
Denominator
Weighted average shares, basic	3,637	3,647	3,658
Dilutive effect of stock options	6	13	14
Diluted shares	3,643	3,660	3,672
Earnings per share, basic	4.53	4.05	2.95
Earnings per share, diluted	4.52	4.04	2.94