Earnings Per Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Basic
Net income	$	2,938	$	7,394	$	14,574	$	21,649
Weighted-average common shares outstanding	13,504,204		13,501,469		13,524,165		13,551,070
Basic earnings per share	$	0.22	$	0.55	$	1.08	$	1.60

Diluted
Net income	$	2,938	$	7,394	$	14,574	$	21,649
Weighted-average common shares outstanding	13,504,204		13,501,469		13,524,165		13,551,070
Effect of dilutive restricted stock and stock appreciation rights	281,793		291,142		273,575		285,354
Weighted-average common shares outstanding assuming dilution	13,785,997		13,792,611		13,797,740		13,836,424
Diluted earnings per share	$	0.21	$	0.54	$	1.06	$	1.56