Note 19 - Earnings Per Share

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 19 - EARNINGS PER SHARE

The following is a reconciliation of net income and shares outstanding to the income and number of shares used to compute earnings per share (“EPS”):

	For the Three Months Ended September 30,
	2023				2022
(dollars in thousands except shares and per share data)	Income		Shares		Income		Shares
Net income	$	8,473			$	16,652
Shares outstanding				18,995,303				19,011,672
Impact of weighting shares				—				(23,229	)
Used in basic EPS		8,473		18,995,303		16,652		18,988,443
Dilutive effect of outstanding
Stock options				2,001				125,684
Restricted Stock Unit				—				16,320
Used in dilutive EPS	$	8,473		18,997,304	$	16,652		19,130,447
Basic earnings per common share	$	0.45			$	0.88
Diluted earnings per common share	$	0.45			$	0.87

	For the Nine Months Ended September 30,
	2023					2022
(dollars in thousands except shares and per share data)	Income		Shares			Income			Shares
Net income	$	30,392				$	46,746
Less: Earnings allocated to participating securities		—					(34	)
Shares outstanding				18,995,303						19,011,672
Impact of weighting shares				(3,724	)					131,060
Used in basic EPS		30,392		18,991,579			46,712			19,142,732
Dilutive effect of outstanding
Stock options				17,633						249,115
Restricted Stock Units				4,626						23,711
Used in dilutive EPS	$	30,392		19,013,838		$	46,712			19,415,558
Basic earnings per common share	$	1.60				$	2.44
Diluted earnings per common share	$	1.60				$	2.41

Stock options for 362,500 shares and restricted stock units for 26,660 shares were not considered in computing diluted earnings per common share for September 30, 2023, and stock options for 15,000 shares were not considered in computing diluted earnings per common share for September 30, 2022, because they were anti-dilutive.