Outstanding Shares and Earnings Per Share

12 Months Ended

Dec. 31, 2023

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 25, 2024, payable on March 25, 2024, to shareholders of record as of February 29, 2024.

Earnings Per Share

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

	2023		2022
Basic earnings per share:
Net income	$	21,554	$	15,884
Weighted average common shares outstanding		15,185,852		15,089,635
Basic earnings per share	$	1.42	$	1.05
Diluted earnings per share:
Net income	$	21,554	$	15,884
Weighted average common shares outstanding		15,185,852		15,089,635
Effect of dilutive shares		143,633		165,789
Adjusted weighted average common shares outstanding		15,329,485		15,255,424
Diluted earnings per share	$	1.41	$	1.04

Options not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect amounted to 471,209 shares and 460,395 shares for the years ended December 31, 2023 and 2022, respectively.  Restricted stock not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect amounted to 35,592 shares and 69,616 shares for the years ended December 31, 2023 and 2022, respectively.