v3.22.4
Note 3 - Earnings Per Share
 12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Earnings Per Share [Text Block]

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 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 year ended December 31:

 

  

2022

  

2021

 
         

Weighted-average common shares issued

  7,551,769   7,325,449 
         

Average treasury stock shares

  (1,524,678)  (1,138,783)
         

Weighted-average common shares and common stock equivalents used to calculate basic earnings per share

  6,027,091   6,186,666 
         

Additional common stock equivalents (stock options and restricted stock) used to calculate diluted earnings per share

  17,291   24,410 
         

Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share

  6,044,382   6,211,076 

 

There were no options to purchase shares of common stock outstanding on December 31, 2022. Also outstanding were 63,646 shares of restricted stock, 46,355 shares of which were anti-dilutive.

 

There were no options to purchase shares of common stock outstanding on December 31, 2021. Also outstanding were 76,933 shares of restricted stock, 53,438 shares of which were anti-dilutive.