Earnings Per Common Share

9 Months Ended

Sep. 30, 2023

Earnings Per Common Share [Abstract]

Earnings Per Common Share

Note 3 – Earnings Per Common Share

Basic earnings per common share is derived by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period and does not include the effect of any potentially dilutive common stock equivalents. Diluted earnings per share is derived by dividing net income available to common shareholders by the weighted-average number of shares outstanding, adjusted for the dilutive effect of outstanding common stock equivalents, such as restricted stock units (“RSUs”). There were no anti-dilutive shares outstanding at September 30, 2023 or 2022.

The following table sets forth the calculation of basic and diluted earnings per common share for the nine- and three-month periods ended September 30, 2023 and 2022:

	Nine months ended September 30,
	2023					2022
			Average	Per Share				Average	Per Share
(in thousands, except for per share amount)	Income		Shares	Amount		Income		Shares	Amount
Basic Earnings Per Share:
Net income	$	13,302	6,698	$	1.99	$	18,079	6,645	$	2.72
Diluted Earnings Per Share:
Restricted stock units			16					10
Net income	$	13,302	6,714	$	1.98	$	18,079	6,655	$	2.72

	Three months ended September 30,
	2023					2022
			Average	Per Share				Average	Per Share
(in thousands, except for per share amount)	Income		Shares	Amount		Income		Shares	Amount
Basic Earnings Per Share:
Net income	$	4,513	6,714	$	0.67	$	6,936	6,658	$	1.04
Diluted Earnings Per Share:
Restricted stock units			14					11
Net income	$	4,513	6,728	$	0.67	$	6,936	6,669	$	1.04