Note 3 - Earnings Per Share

3 Months Ended

Mar. 31, 2025

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 3 - 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 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, 2025 and 2024:

	For the Three
	Months Ended
	March 31,
	2025			2024
Weighted-average common shares outstanding		9,958,115			9,941,596
Average treasury stock shares		(1,879,310	)		(1,850,393	)
Weighted-average common shares and common stock equivalents used to calculate basic earnings per share		8,078,805			8,091,203
Additional common stock equivalents (stock options and restricted stock) used to calculate diluted earnings per share		18,740			5,114
Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share		8,097,545			8,096,317

At March 31, 2025 and 2024, there were 43,471 and 7,576 anti-dilutive shares, respectively, excluded from the calculation of diluted earnings per share related to restricted stock awards.