Net Income Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Income Per Share

Note 20 – Net Income per Share

The table below shows the weighted average number of shares used in computing net income per common share and the effect on the weighted average number of shares of potential dilutive common stock for the years ended December 31, 2023 and 2022. Potential dilutive common stock equivalents have no effect on net income available to the Company’s shareholders. Diluted net income per share is computed based on the weighted average number of shares of common stock equivalents outstanding, to the extent dilutive. The Company’s common stock equivalents relate to outstanding common stock options.

Nonvested restricted stock is included in the calculation of basic and diluted net income per share. The weighted average shares below as of December 31, 2023 and December 31, 2022 include 62,721 and 51,664 shares, respectively, of such restricted stock that have not yet vested. The recipients of nonvested restricted shares have full voting and dividend rights.

(Dollars in thousands)	Net Income		Weighted Average Shares		Per Share Amount
December 31, 2023
Basic net income per share	$	19,263		5,357,085	$	3.60
Effect of dilutive stock options		-		16,167		(0.02	)
Diluted net income per share	$	19,263		5,373,252	$	3.58
December 31, 2022
Basic net income per share	$	23,438		5,324,740	$	4.40
Effect of dilutive stock options		-		26,618		(0.02	)
Diluted net income per share	$	23,438		5,351,358	$	4.38

In 2023 and 2022, stock options representing 109,201 and 101,901 average shares, respectively, were not included in the calculation of net income per share, as their effect would have been antidilutive.