| EARNINGS PER SHARE |
NOTE 2 – EARNINGS PER SHARE The two-class method is used in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. There were no anti-dilutive stock options for the three months ended March 31, 2025 or 2024. The following table presents the factors used in the earnings per share computations for the period indicated: | | | | | | | | | Three Months Ended March 31, | | | 2025 | | 2024 | Basic | | | | | | | Net income available to common shareholders | | $ | 18,241 | | $ | 15,412 | Less: Earnings allocated to participating securities | | | (91) | | | (84) | Net income allocated to common shareholders | | $ | 18,150 | | $ | 15,328 | | | | | | | | Weighted average common shares outstanding including participating securities | | | 10,001,009 | | | 10,233,347 | Less: Participating securities (1) | | | (50,039) | | | (55,415) | Average shares | | | 9,950,970 | | | 10,177,932 | | | | | | | | Basic earnings per common share | | $ | 1.82 | | $ | 1.51 | | | | | | | | Diluted | | | | | | | Net income available to common shareholders | | $ | 18,241 | | $ | 15,412 | | | | | | | | Weighted average common shares outstanding for basic earnings per common share | | | 9,950,970 | | | 10,177,932 | Add: Dilutive effects of stock-based compensation awards | | | 21,182 | | | 23,441 | Average shares and dilutive potential common shares | | | 9,972,152 | | | 10,201,373 | Diluted earnings per common share | | $ | 1.82 | | $ | 1.51 |
| (1) | Participating securities are restricted stock awards whereby the stock certificates have been issued, are included in outstanding shares, receive dividends and can be voted, but have not vested. |
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