Note 14 - Earnings Per Share

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

14. Earnings Per Share

Basic earnings per share of common stock is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share of common stock is computed by dividing net income by the weighted average number of common shares, using the two‑class method. As the Company has granted RSUs that both participate in dividend equivalents and do not participate in dividend equivalents, the Company has calculated earnings per share pursuant to the two‑class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Diluted net earnings per share is calculated by dividing net income attributable to common stockholders by the weighted average number of common stock and dilutive common stock outstanding during the period.  Potential common shares in the diluted net earnings per share computation are excluded to the extent that they would be anti-dilutive. 

	2023		2022		2021
Basic earnings per common share
Net income	$	23,723	$	38,609	$	30,691
Less income allocated to participating securities		528		741		503
Net income allocated to common shareholders	$	23,195	$	37,868	$	30,188
Weighted average common shares outstanding		22,962,591		22,915,543		22,954,523
	$	1.01	$	1.65	$	1.31
Earnings per common share assuming dilution
Net income	$	23,723	$	38,609	$	30,691
Less income allocated to participating securities		528		741		503
Net income allocated to common shareholders	$	23,195	$	37,868	$	30,188
Weighted average common shares outstanding		22,962,591		22,915,543		22,954,523
Incremental shares applicable to stock based compensation		-		1,281		10,209
Weighted average common shares assuming dilution		22,962,591		22,916,824		22,964,732
	$	0.98	$	1.63	$	1.29