Earnings Per Share

6 Months Ended

Jun. 30, 2024

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the sum of the weighted-average number of common shares outstanding and the weighted-average number of potential common shares outstanding. Under the treasury stock method, stock appreciation rights (“SARs”) are dilutive when the average market price of the Company’s common stock, combined with the effect of any unamortized compensation expense, exceeds the SAR price during a period.

The calculations of basic and diluted earnings per share are as follows:


(In thousands except share and per share data)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Basic
Net income	$	4,484	$	7,138	$	11,636	$	14,255
Weighted-average common shares outstanding	13,538,283		13,553,346		13,534,256		13,576,281
Basic earnings per share	$	0.33	$	0.53	$	0.86	$	1.05

Diluted
Net income	$	4,484	$	7,138	$	11,636	$	14,255
Weighted-average common shares outstanding	13,538,283		13,553,346		13,534,256		13,576,281
Effect of dilutive restricted stock and stock appreciation rights	283,793		300,696		269,421		282,412
Weighted-average common shares outstanding assuming dilution	13,822,076		13,854,042		13,803,677		13,858,693
Diluted earnings per share	$	0.32	$	0.52	$	0.84	$	1.03