Common Stock and Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Common Stock Outstanding Roll Forward

The table below shows activity in the outstanding shares of the Company’s common stock during 2023.

	2023
Shares outstanding at January 1	13,669,656
Issuance of common stock:
Employee restricted stock grants	12,780
Employee restricted stock units vested	9,843
Performance-based stock vested	15,646
Employee SARs exercised	2,974
Directors’ stock grants	22,415
Shares repurchased	(150,541)
Shares forfeited	(398)
Shares outstanding at December 31	13,582,375

Schedule of Earnings Per Share, Basic and Diluted

The calculations of basic and diluted earnings per share are as follows:

	December 31,
(In thousands except share and per share data)	2023		2022		2021
Basic:
Net income	$	30,059	$	34,904	$	28,604
Weighted average common shares outstanding	13,530,005		13,552,503		14,091,773
Basic earnings per share	$	2.22	$	2.58	$	2.03
Diluted:
Net income	$	30,059	$	34,904	$	28,604
Weighted average common shares outstanding	13,530,005		13,552,503		14,091,773
Effect of dilutive restricted stock, performance based restricted stock  (“PBRS”), and SARs	286,011		255,526		238,103
Weighted average common shares outstanding assuming dilution	13,816,016		13,808,029		14,329,876
Diluted earnings per share	$	2.18	$	2.53	$	2.00