Note 5 - Earnings Per Common Share

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 5. Earnings per Common Share

Basic earnings per common share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance.

The following table presents the computation of basic and diluted earnings per share for the three and six months ended June 30, 2024 and 2023 (dollars in thousands, except per share data):

	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
(Numerator):
Net income	$	2,442	$	3,505	$	5,651	$	7,354
(Denominator):
Weighted average shares outstanding – basic		6,278,113		6,269,668		6,273,952		6,271,779
Potentially dilutive common shares – restricted stock units		11,292		7,493		12,018		7,348
Weighted average shares outstanding – diluted		6,289,405		6,277,161		6,285,970		6,279,127
Income per common share
Basic	$	0.39	$	0.56	$	0.90	$	1.17
Diluted	$	0.39	$	0.56	$	0.90	$	1.17

Restricted stock units for 880 shares of common stock were not considered in computing diluted earnings per share for the three and six months ended  June 30, 2024 because they were antidilutive.  Restricted stock units for 603 shares of common stock were not considered in computing diluted earnings per share for the three and six months ended June 30, 2023 because they were antidilutive.