Note 11 – Earnings per share

Basic earnings per share is computed using the weighted average number of common shares outstanding during the period and income available to common stockholders. Diluted earnings per share is computed using the weighted average number of common shares outstanding during the period plus the dilutive effect of all potential shares of common stock including common stock issuable pursuant to stock options, warrants, and restricted stock units. The two-class method for computing earnings per share will be utilized when applicable.

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For the years ended December 31, 2024 and 2023, earnings per share was calculated as follows (in thousands, except earnings per share and related share data):

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For the years ended December 31, 2024 and 2023, stock options, warrants and restricted share units totaling 2.5 million and 0.5 million, respectively, were determined to be anti-dilutive and were therefore excluded from the calculation of diluted earnings per share.