Quarterly report pursuant to Section 13 or 15(d)

Note 12 - Earnings Per Share

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Note 12 - Earnings Per Share
6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Earnings Per Share [Text Block]

12.

Earnings per Share

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Basic earnings per share of common stock is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share of common stock is computed by dividing net income by the weighted average number of common shares, using the two-class method. As the Company may grant RSUs that both participate in dividend equivalents and do not participate in dividend equivalents, the Company has calculated earnings per share pursuant to the two-class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities according to dividends declared and participation rights in undistributed losses. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Diluted net earnings per share is calculated by dividing net income attributable to common stockholders by the weighted average number of common stock and dilutive common stock outstanding during the period.  Potential common shares in the diluted net income per share computation are excluded to the extent that they would be anti-dilutive.

 

   

Three Months Ended

   

Six Months Ended

 
   

June 30,

   

June 30,

   

June 30,

   

June 30,

 
   

2024

   

2023

   

2024

   

2023

 

Basic earnings per common share

                               

Net income

  $ 24,338     $ 23,964     $ 15,986     $ 10,854  

Less income allocated to participating securities

    639       540       398       240  

Net income allocated to common shareholders

  $ 23,699     $ 23,424     $ 15,588     $ 10,614  

Weighted average common shares outstanding

    23,094,047       22,974,508       23,051,708       22,940,863  
    $ 1.03     $ 1.02     $ 0.68     $ 0.46  
                                 

Earnings per common share assuming dilution

                               

Net income

  $ 24,338     $ 23,964     $ 15,986     $ 10,854  

Less income allocated to participating securities

    639       540       398       240  

Net income allocated to common shareholders

  $ 23,699     $ 23,424     $ 15,588     $ 10,614  

Weighted average common shares assuming dilution

    23,094,047       22,974,508       23,051,708       22,940,863  
    $ 1.02     $ 1.01     $ 0.66     $ 0.45  

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