NOTE 2 - EARNINGS PER SHARE
Earnings per share (“EPS”) have been
computed based on the weighted average number of common shares outstanding during the periods presented. The average number of common
shares used in the computation of basic and diluted earnings per share are set forth in the table below. There were no anti-dilutive
shares in 2025 or 2024. Participating securities in the table reflect nonvested restricted shares that participate in dividends declared
and paid by the Company on its common shares prior to vesting of the restricted shares.
| | |
Three Months Ended June 30, | |
| ($ and outstanding shares in thousands - except per share data) | |
2025 | | |
2024 | |
| | |
| | |
| |
| Distributed earnings allocated to common shares | |
$ | 976 | | |
$ | 946 | |
| Undistributed earnings allocated to common shares | |
| 2,862 | | |
| 2,157 | |
| | |
| | | |
| | |
| Net earnings allocated to common shares | |
| 3,838 | | |
| 3,103 | |
| Net earnings allocated to participating securities | |
| 14 | | |
| 10 | |
| | |
| | | |
| | |
| Net Income allocated to common shares and participating securities | |
$ | 3,852 | | |
$ | 3,113 | |
| | |
| | | |
| | |
| Weighted average shares outstanding for basic earnings per share | |
| 6,448 | | |
| 6,692 | |
| Dilutive effect of stock compensation | |
| 11 | | |
| 8 | |
| | |
| | | |
| | |
| Weighted average shares outstanding for diluted earnings per share | |
| 6,459 | | |
| 6,700 | |
| | |
| | | |
| | |
| Basic earnings per common share | |
$ | 0.60 | | |
$ | 0.47 | |
| | |
| | | |
| | |
| Diluted earnings per common share | |
$ | 0.60 | | |
$ | 0.47 | |
| | |
Six Months Ended June 30, | |
| ($ and outstanding shares in thousands - except per share data) | |
2025 | | |
2024 | |
| | |
| | |
| |
| Distributed earnings allocated to common shares | |
$ | 1,924 | | |
$ | 1,863 | |
| Undistributed earnings allocated to common shares | |
| 4,066 | | |
| 3,600 | |
| | |
| | | |
| | |
| Net earnings allocated to common shares | |
| 5,990 | | |
| 5,463 | |
| Net earnings allocated to participating securities | |
| 20 | | |
| 18 | |
| | |
| | | |
| | |
| Net Income allocated to common shares and participating securities | |
$ | 6,010 | | |
$ | 5,481 | |
| | |
| | | |
| | |
| Weighted average shares outstanding for basic earnings per share | |
| 6,464 | | |
| 6,703 | |
| Dilutive effect of stock compensation | |
| 19 | | |
| 12 | |
| | |
| | | |
| | |
| Weighted average shares outstanding for diluted earnings per share | |
| 6,483 | | |
| 6,715 | |
| | |
| | | |
| | |
| Basic earnings per common share | |
$ | 0.93 | | |
$ | 0.82 | |
| | |
| | | |
| | |
| Diluted earnings per common share | |
$ | 0.93 | | |
$ | 0.82 | |
|