Earnings per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Earnings per Share

Earnings per Share

The table below presents the increase in average shares outstanding, using the treasury stock method, for the diluted earnings per share calculation for the years indicated:

	2024	2023	2022
Basic weighted average common shares outstanding	12,386,669	12,223,626	12,103,033
Dilutive shares	11,393	20,410	46,744
Diluted weighted average common shares outstanding	12,398,062	12,244,036	12,149,777

There were 74,538, 61,425 and 34,291 stock options outstanding at December 31, 2024, 2023 and 2022, respectively, that were determined to be anti-dilutive and therefore excluded from the calculation of dilutive shares for the years ended December 31, 2024, 2023 and 2022. These stock options, which were not dilutive at that date, may potentially dilute earnings per share in the future.

The Company may issue stock options and restricted stock awards to officers and other employees and restricted stock awards and stock compensation in lieu of cash fees to non-employee directors. The restricted stock awards allow for the non-forfeitable receipt of dividends, and the voting of all shares, whether or not vested, throughout the vesting periods at the same proportional level as common shares outstanding. The unvested restricted stock awards are the Company's only participating securities and are included in shares outstanding. Unvested participating restricted awards amounted to 176,571 shares and 130,039 shares as of December 31, 2024 and December 31, 2023, respectively.