Note 4 - Earnings Per Share & Share Repurchase Plan

6 Months Ended

Jun. 30, 2024

Earnings Per Share & Share Repurchase Plan

4. EARNINGS PER SHARE & SHARE REPURCHASE PLAN

The following sets forth the computation of basic and diluted earnings per share:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Numerator for basic and diluted earnings per share - net income	$	2,465	$	1,887	$	5,059	$	6,005
Denominator for basic earnings per share - weighted average shares outstanding		3,665,695		3,598,545		3,660,435		3,593,482
Effect of dilutive securities - employee stock options		—		—		—		—
Denominator for diluted earnings per share - adjusted weighted average shares outstanding		3,665,695		3,598,545		3,660,435		3,593,482
Earnings per share - basic	$	0.67	$	0.52	$	1.38	$	1.67
Earnings per share - diluted		0.67		0.52		1.38		1.67

There were 137,275 and 121,550 stock options that were anti-dilutive for the three-month periods ended June 30, 2024 and 2023, respectively. There were 137,275 and 121,550 stock options that were anti-dilutive for the six-month periods ended June 30, 2024 and 2023, respectively. These stock options were not included in the above calculation.

QNB’s current stock repurchase plan was originally approved by the Board of Directors on January 21, 2008, increased in amount on February 9, 2009 to 100,000 shares, and subsequently increased on April 29, 2021 to up to 200,000 shares of common stock in the open market or privately negotiated transactions. The repurchase authorization has no termination date. There were 0 and 0 shares repurchased during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, 102,000 shares were repurchased under this authorization at an average price of $24.93 and a total cost of approximately $2,543,000.