Note 14 - Earnings and Dividends Per Share

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

(14) Earnings and Dividends Per Share

A reconciliation between basic and diluted income per share for the periods indicated was as follows:

	Three Months Ended
	March 31,
	2024		2023
	(in thousands,
	except share and per share amounts)
Net income	$	6,624	$	16,753
Earnings per share
Basic and diluted income per share	$	0.44	$	1.12
Basic and diluted shares used in computing earnings per share		14,921,968		14,921,968

Diluted EPS for the three months ended March 31, 2024 and 2023 was the same as basic EPS as there were no stock options or other dilutive instruments outstanding.  Diluted EPS is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding.

Shareholders are entitled to receive such dividends as  may be declared by our Board out of funds legally available for such purpose. However, no dividend  may be declared or paid unless after-tax profit was made in the preceding fiscal year, we comply with covenants in our secured loan agreements, we are current on all required debt payments, and we have received prior written concurrence from certain lenders.