Note 4 - Earnings Per Share

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 4 - EARNINGS PER SHARE

The Company provides a dual presentation of basic and diluted earnings per share. Basic earnings per share is calculated by dividing net income by the average shares outstanding. Diluted earnings per share adds the dilutive effects of stock options and restricted stock to average shares outstanding.

The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings-per-share computation.

	For the Three
	Months Ended
	March 31,
	2023			2022
Weighted-average common shares issued		9,921,529			7,338,283
Average treasury stock shares		(1,782,758	)		(1,459,258	)
Weighted-average common shares and common stock equivalents used to calculate basic earnings per share		8,138,771			5,879,025
Additional common stock equivalents (stock options and restricted stock) used to calculate diluted earnings per share		13,858			10,811
Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share		8,152,629			5,889,836

Outstanding on March 31, 2023, were 70,219 shares of restricted stock, 56,361 shares of which were anti-dilutive.

Outstanding on March 31, 2022, were 76,601 shares of restricted stock, 65,790 shares of which were anti-dilutive.

When shares recognized as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. The reserve for the Company’s treasury shares comprises the cost of the Company’s shares held by the Company. As of March 31, 2023, the Company held 1,835,452 of the Company’s shares, which is an increase of 164,221 from the 1,671,231 shares held as of December 31, 2022.