Note 12 – Earnings Per Share (“EPS”)

Basic earnings per common share represent income available to common shareholders, divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued. Potential common shares that may have been issued by the Company related to stock options were determined using the treasury stock method and included in the calculation of dilutive common stock equivalents.

For the three months ended March 31, 2026, and 2025, there were no stock options which were excluded from the calculation as their effect would be anti-dilutive. Options with an exercise price greater than the average market price of the common shares are excluded from the calculation as their effect would be anti-dilutive. Basic and diluted earnings per share have been computed based on weighted-average common and common equivalent shares outstanding as follows:


	Three Months Ended March 31,				Three Months Ended March 31,
	2026				2025
(Amounts in thousands, except per share data)	Basic		Diluted		Basic		Diluted

Net income	$	1,091	$	1,091	$	2,099	$	2,099
Weighted average common shares outstanding		8,157		8,157		9,895		9,895
Dilutive securities
Stock options		—		—		—		94
Adjusted weighted average shares outstanding		8,157		8,157		9,895		9,989
Earnings -per share amount	$	0.13	$	0.13	$	0.21	$	0.21