Earnings per Share

9 Months Ended

Sep. 30, 2023

Note 4 – Earnings per Share

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

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Net income applicable to common stock	$	7,548,000	$	7,544,000	$	10,271,000	$	21,185,000

Basic earnings per share computation
Weighted average common shares outstanding		4,699,952		4,006,794		4,275,259		4,009,855
Earnings per share - basic	$	1.61	$	1.88	$	2.40	$	5.28

Diluted earnings per share computation
Weighted average common shares outstanding for basic earnings per share		4,699,952		4,006,794		4,275,259		4,009,855
Add: Dilutive effects of restricted stock		-		234		-		2
Weighted average common shares outstanding for dilutive earnings per share		4,699,952		4,007,028		4,275,259		4,009,857
Earnings per share - diluted	$	1.61	$	1.88	$	2.40	$	5.28

For the three months ended September 30, 2023 and 2022, there were 5,535 and 356 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 September 30, 2023 and per share prices ranging from $57.36-$74.27 for the three month period ended September 30, 2022. For the nine months ended September 30, 2023 and 2022, 5,535 and 5,811 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 nine month period ended September 30, 2023 and prices ranging from $44.93-$74.27 for the nine month period ended September 30, 2022.