Earnings per Share

3 Months Ended

Mar. 31, 2023

Note 3 – Earnings per Share

The following table sets forth the computation of earnings per share.

	Three months ended
	March 31,
	2023		2022
Net income applicable to common stock	$	6,867,000	$	6,740,000

Basic earnings per share computation
Weighted average common shares outstanding		3,966,161		3,977,911
Earnings per share - basic	$	1.73	$	1.69

Diluted earnings per share computation
Weighted average common shares outstanding for basic earnings per share		3,966,161		3,977,911
Add: Dilutive effects of restricted stock		5		57
Weighted average common shares outstanding for dilutive earnings per share		3,966,166		3,977,968
Earnings per share - diluted	$	1.73	$	1.69

For the three months ended March 31, 2023 and 2022, there were 4,499 and 3,358 shares, respectively, related to the restricted stock plan that were excluded from the diluted earnings per share calculations since they were anti-dilutive. These anti-dilutive shares had per share prices ranging from $51.14-$74.27 for the three month period ended March 31, 2023 and per share prices ranging from $57.36-$63.19 for the three month period ended March 31, 2022.