Outstanding Shares and Earnings Per Share

12 Months Ended

Dec. 31, 2022

Outstanding Shares and Earnings Per Share [Abstract]

Outstanding Shares and Earnings Per Share

(14) Outstanding Shares and Earnings Per Share

All income per share amounts have been adjusted to give retroactive effect to stock dividends and stock splits, including the 5% stock dividend declared on January 26, 2023, payable on March 24, 2023, to shareholders of record as of February 28, 2023.

Earnings Per Share

Basic and diluted earnings per share for the years ended December 31, were computed as follows:

	2022		2021
Basic earnings per share:
Net income	$	15,884	$	14,186
Weighted average common shares outstanding		14,365,443		14,738,356
Basic earnings per share	$	1.11	$	0.96
Diluted earnings per share:
Net income	$	15,884	$	14,186
Weighted average common shares outstanding		14,365,443		14,738,356
Effect of dilutive shares		157,894		187,785
Adjusted weighted average common shares outstanding		14,523,337		14,926,141
Diluted earnings per share	$	1.09	$	0.95

Options not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect amounted to 438,471 shares and 309,252 shares for the years ended December 31, 2022 and 2021, respectively.  Restricted stock not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect amounted to 66,301 shares and 10,961 shares for the years ended December 31, 2022 and 2021, respectively.