v3.24.1
Note 14 - Earnings and Dividends Per Share
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Earnings Per Share [Text Block]

(14)

Earnings and Dividends Per Share

 

A reconciliation between basic and diluted income per share for the periods indicated was as follows:

 

  

Twelve Months Ended

 
  

December 31,

 
  

2023

  

2022

 
  

(in thousands,

 
  

except share and per share amounts)

 
         

Net income

 $31,011  $32,892 
         

Earnings per share

        

Basic and diluted income per share

 $2.08  $2.34 

Basic and diluted shares used in computing earnings per share

  14,921,968   14,079,327 

 

Diluted EPS for the twelve months ended December 31, 2023 and 2022 was the same as basic EPS as there were no stock options or other dilutive instruments were outstanding. Diluted EPS is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding.

 

Shareholders are entitled to receive such dividends as may be declared by our Board out of funds legally available for such purpose. However, no dividend may be declared or paid unless after-tax profit was made in the preceding fiscal year, we comply with covenants in our secured loan agreements, we are current on all required debt payments, and we have received prior written concurrence from certain lenders.