Net Earnings Per Share

6 Months Ended

Jun. 30, 2025

Net Earnings Per Share

Net Earnings Per Share

(3) Net Earnings Per Share

Net earnings per share is based on the weighted average number of shares outstanding during the period while the effects of potential shares outstanding during the period are included in diluted earnings per share. The average market price during the applicable period is used to compute equivalent shares.

Shares held in the deferred compensation plan by the deferred compensation trust are excluded for purposes of calculating the weighted average number of shares outstanding and basic earnings per share in accordance with ASC 260-10-45-40 and ASC 260-10-45-45 through ASC 260-26010-45-46. The reconciliation of the amounts used in the computation of both basic earnings per share and diluted earnings per share for the three and six months ended June 30, 2025 and 2024 is as follows:

For the three months ended June 30, 2025
	Net Earnings (Dollars in thousands)		Weighted Average Number of Shares		Per Share Amount
Basic earnings per share	$	5,160		5,303,370	$	0.97
Effect of dilutive securities:
Restricted stock units - unvested				10,771
Shares held in deferred comp plan
by deferred compensation trust				156,071
Diluted earnings per share	$	5,160		5,470,212	$	0.95

For the six months ended June 30, 2025
	Net Earnings (Dollars in thousands)		Weighted Average Number of Shares		Per Share Amount
Basic earnings per share	$	9,505		5,300,841	$	1.79
Effect of dilutive securities:
Restricted stock units - unvested				10,563
Shares held in deferred comp plan
by deferred compensation trust				154,522
Diluted earnings per share	$	9,505		5,465,926	$	1.74

For the three months ended June 30, 2024
	Net Earnings (Dollars in thousands)		Weighted Average Number of Shares		Per Share Amount
Basic earnings per share	$	4,888		5,290,856	$	0.93
Effect of dilutive securities:
Restricted stock units - unvested				19,886
Shares held in deferred comp plan
by deferred compensation trust				165,608
Diluted earnings per share	$	4,888		5,476,350	$	0.89

For the six months ended June 30, 2024
	Net Earnings (Dollars in thousands)		Weighted Average Number of Shares		Per Share Amount
Basic earnings per share	$	8,836		5,304,763	$	1.67
Effect of dilutive securities:
Restricted stock units - unvested				19,015
Shares held in deferred comp plan
by deferred compensation trust				164,975
Diluted earnings per share	$	8,836		5,488,753	$	1.61