Earnings per Share

6 Months Ended

Jun. 30, 2023

Note 4 – Earnings per Share

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

	Three months ended June 30,					Six months ended June 30,
	2023			2022		2023		2022
Net (loss) income applicable to common stock	$	(4,144,000	)	$	6,901,000	$	2,723,000	$	13,641,000

Basic earnings per share computation
Weighted average common shares outstanding		4,113,377			4,012,611		4,059,416		4,008,830
Earnings (loss) per share – basic	$	(1.01	)	$	1.72	$	0.67	$	3.40

Diluted earnings per share computation
Weighted average common shares outstanding for basic earnings per share		4,113,377			4,012,611		4,059,416		4,008,830
Add: Dilutive effects of restricted stock		-			15		-		104
Weighted average common shares outstanding for dilutive earnings per share		4,113,377			4,012,626		4,059,416		4,008,934
Earnings (loss) per share – diluted	$	(1.01	)	$	1.72	$	0.67	$	3.40

For the three months ended June 30, 2023 and 2022, there were 6,078 and 3,121 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 $44.93-$83.38 for the three month period ended June 30, 2023 and per share prices ranging from $57.36-$67.85 for the three month period ended June 30, 2022. For the six months ended June 30, 2023 and 2022, 6,078 and 6,264 shares, respectively, related to the restricted stock plan were excluded from the diluted earnings per share calculations since they were anti-dilutive. These anti-dilutive shares had prices ranging from $44.93-$83.38 for the six month period ended June 30, 2023 and prices ranging from $51.14-$67.85 for the six month period ended June 30, 2022.