Earnings per Common Share

3 Months Ended

Mar. 31, 2024

(9) Earnings per Common Share

The Company has granted restricted stock awards with non-forfeitable rights (with respect to dividends), which are considered participating securities. Accordingly, earnings per common share is computed using the two-class method as required by ASC 260-10-45. Basic earnings per common share are computed as net income available to common shareholders divided by the weighted average number of common shares outstanding during the period, which excludes the participating securities. Diluted earnings per common share include the dilutive effect, if any, of additional potential common shares issuable under the Company’s equity incentive plan, computed using the treasury stock method. The Company had no dilutive securities for the three-months ended March 31, 2024 and 2023.


	Three Months Ended
	March 31,
	2024		2023
Basic
Net income	$	6,360	$	12,888
Less allocation of earnings and dividends to participating securities		227		452
Net income available to common shareholders—basic	$	6,133	$	12,436
Weighted average common shares outstanding		15,695,963		15,732,092
Less average participating securities		561,344		552,882
Weighted average number of shares outstanding used in the calculation of basic earnings per common share		15,134,619		15,179,210
Earnings per common share:
Basic	$	0.41	$	0.82
Diluted		0.41		0.82