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OUTSTANDING SHARES AND EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2024
OUTSTANDING SHARES AND EARNINGS PER SHARE [Abstract]  
OUTSTANDING SHARES AND EARNINGS PER SHARE
10. 
OUTSTANDING SHARES AND EARNINGS PER SHARE

On January 25, 2024, the Board of Directors of the Company declared a 5% stock dividend payable March 25, 2024 to shareholders of record as of February 29, 2024.  All income per share amounts have been adjusted to give retroactive effect to stock dividends.
Earnings Per Share (EPS)
Basic EPS includes no dilution and is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the respective period.  Diluted EPS is computed by dividing net income available to common shareholders by the weighted average number of shares outstanding plus dilutive shares for the quarter.  Diluted shares include all common stock equivalents (“in-the-money” stock options, unvested restricted stock, stock units, warrants and rights, convertible bonds and preferred stock), which reflects the potential dilution of securities that could share in the earnings of the Company.
The following table presents a reconciliation of basic and diluted EPS for the three and nine months ended September 30, 2024 and 2023 (dollars in thousands except share and per share amounts):
 
  
Three months ended
September 30,
    
Nine months ended
September 30,
  
 
  
2024
    
2023
    
2024
    
2023
  
Basic earnings per share:
                        
Net income
  
$
5,488
    
$
4,619
    
$
14,188
    
$
14,672
  
 
                                
Weighted average common shares outstanding
    
15,123,404
      
15,191,973
      
15,209,757
      
15,182,554
  
Basic EPS
  
$
0.36
    
$
0.30
    
$
0.93
    
$
0.97
  
 
                                
Diluted earnings per share:
                                
Net income
  
$
5,488
    
$
4,619
    
$
14,188
    
$
14,672
  
 
                                
Weighted average common shares outstanding
    
15,123,404
      
15,191,973
      
15,209,757
      
15,182,554
  
 
                                
Effect of dilutive shares
    
221,923
      
168,013
      
190,954
      
135,920
  
 
                                
Adjusted weighted average common shares outstanding
    
15,345,327
      
15,359,986
      
15,400,711
      
15,318,474
  
Diluted EPS
  
$
0.36
    
$
0.30
    
$
0.92
    
$
0.96
  

Stock options which were not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect amounted to 27,499 shares and 355,263 shares for the three months ended September 30, 2024 and 2023, respectively.  Unvested restricted stock which were not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect amounted to 0 shares and 0 shares for the three months ended September 30, 2024 and 2023, respectively.  Stock options which were not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect amounted to 306,120 shares and 476,883 shares for the nine months ended September 30, 2024 and 2023, respectively.  Unvested restricted stock which were not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect amounted to 2,592 shares and 47,231 shares for the nine months ended September 30, 2024 and 2023, respectively.