Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Summary of Reconciliation of Net Income and Weighted Average Shares Outstanding for Calculation of Basic and Diluted Earnings per Share

The following table represents a reconciliation of the net income and weighted average shares outstanding for the calculation of basic and diluted earnings per share for the three months ended March 31, 2023 and 2022 (in thousands, except share data):

	For the Three Months Ended March 31,
	2023		2022
Numerator
Net income	$	537	$	1,457
Earnings allocated to non-vested shares	69		254
Subtotal	$	468	$	1,203
Denominator
Weighted average common shares outstanding	11,800,308		9,926,395
Effect of dilutive nominal options	–		–
Effect of dilutive contingently earned shares	869,273		117,399
Dilutive average shares outstanding	12,669,581		10,043,794
Basic earnings per share	$	0.04	$	0.12
Dilutive earnings per share	$	0.04	$	0.12