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Net Income Per Common Share
 6 Months Ended
Jun. 30, 2025
Net Income Per Common Share  
Net Income Per Common Share

4. Net Income Per Common Share

Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per common share reflects the assumed conversion of all potentially dilutive securities, consisting of restricted stock awards, for which the estimated fair value exceeds the exercise price, less shares which could have been purchased with the related proceeds, unless anti-dilutive. For employee equity awards, repurchased shares are also included for any unearned compensation adjusted for tax. The table below reflects the calculation of the weighted average number of common shares outstanding, on an as if converted basis, used in computing basic and diluted earnings per common share.

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Three Months Ended

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Six Months Ended

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June 30, 

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June 30, 

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2025

    

2024

    

2025

    

2024

Denominator:

 

  

 

  

 

  

 

  

Basic weighted average shares outstanding

 

27,996

 

29,285

 

28,136

 

29,372

Effect of dilutive stock options and restricted stock

 

138

 

130

 

165

 

155

Diluted weighted average shares outstanding

 

28,134

 

29,415

 

28,301

 

29,527

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Diluted weighted average shares outstanding excludes the incremental effect of unvested restricted stock in accordance with the treasury stock method. For both of the three-month periods ended June 30, 2025 and 2024, approximately nil, and for the six-month periods ended June 30, 2025 and 2024, approximately 30 and 39, respectively, of the Company’s restricted stock awards outstanding were excluded from the calculation of diluted earnings per share as their inclusion would have been anti-dilutive. These restricted stock awards could be dilutive in the future.