| EARNINGS PER SHARE |
2. EARNINGS PER SHARE The two-class method is used in the calculation of basic and diluted earnings per share (“EPS”). 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 and participation rights in undistributed earnings. The restricted stock awards granted by the Company contain non-forfeitable rights to dividends and therefore are considered participating securities. The Company’s basic and diluted EPS calculations for the three and six months ended June 30, 2025 and 2024 are as follows. There were no stock options that were antidilutive for the three and six months ended June 30, 2025 and 2024. | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | (in thousands, except share and per share data) | | 2025 | | 2024 | 2025 | | 2024 | | | | | | | | | | | | | Net income available to common stockholders | | $ | 2,443 | | $ | 844 | $ | 3,964 | | $ | 4,905 | Less: Dividends paid and earnings allocated to participating securities | | | (64) | | | (21) | | (111) | | | (155) | Income attributable to common stock | | $ | 2,379 | | $ | 823 | $ | 3,853 | | $ | 4,750 | Weighted average common shares outstanding, including participating securities | | | 7,500,871 | | | 7,399,816 | | 7,482,307 | | | 7,388,021 | Less: Weighted average participating securities | | | (213,634) | | | (244,434) | | (226,709) | | | (251,100) | Weighted average common shares outstanding | | | 7,287,237 | | | 7,155,382 | | 7,255,598 | | | 7,136,921 | Basic EPS | | $ | 0.33 | | $ | 0.11 | $ | 0.53 | | $ | 0.67 | | | | | | | | | | | | | Income attributable to common stock | | $ | 2,379 | | $ | 823 | $ | 3,853 | | $ | 4,750 | Weighted average common shares outstanding | | | 7,287,237 | | | 7,155,382 | | 7,255,598 | | | 7,136,921 | Weighted average common equivalent shares outstanding | | | 5,713 | | | 49,294 | | 5,919 | | | 50,213 | Weighted average common and equivalent shares outstanding | | | 7,292,950 | | | 7,204,676 | | 7,261,517 | | | 7,187,134 | Diluted EPS | | $ | 0.33 | | $ | 0.11 | $ | 0.53 | | $ | 0.66 |
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