NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE

3 Months Ended

Mar. 31, 2024

NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE [Abstract]

NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE

NOTE 14 - NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE

Basic net income per share is based on the weighted average number of common shares outstanding. Diluted net income per share is based on the weighted average number of common shares outstanding, the potentially dilutive effect of employee stock options and restricted stock awards.

The following table summarizes the shares used in computing basic and diluted net income per share:

	For the Three Months Ended March 31,
	2024		2023
	(in thousands)
Weighted average common shares outstanding during the period for basic computation		10,287		9,504
Dilutive effect of employee stock options and awards		4		6
Weighted average common shares outstanding during the period for diluted computation		10,291		9,510

For the three months ended March 31, 2024 and 2023, no shares of restricted stock awards were excluded from the calculations of diluted net income per share.  For the three months ended March 31, 2024 and 2023, no stock options were excluded from the calculations of diluted net income per share.

The Company has 15,000,000 authorized shares of Class A Non-Voting Stock, and 1,040,000 authorized shares of Class B Stock. As of March 31, 2024, 9,406,808 shares of Class A Non-Voting Stock and 881,452 shares of Class B Stock were issued and outstanding. As of March 31, 2023, 8,622,999 shares of Class A Non-Voting Stock and 881,452 shares of Class B Stock were issued and outstanding. The par value for both classes is $1.00 per share.

Equity per common share was $22.55 and $23.00 at March 31, 2024 and December 31, 2023, respectively. These amounts were computed by dividing common stockholders’ equity by the number of weighted average shares of common stock outstanding on March 31, 2024 and December 31, 2023, respectively.