XML 23 R12.htm IDEA: XBRL DOCUMENT v3.25.3
Net Income Per Common Share
 9 Months Ended
Sep. 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.

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30, 

​

September 30, 

​

 

2025

    

2024

    

2025

    

2024

Denominator:

 

  

 

  

 

  

 

  

Basic weighted average shares outstanding

 

27,740

 

29,003

 

28,002

 

29,248

Effect of dilutive stock options and restricted stock

 

157

 

161

 

163

 

157

Diluted weighted average shares outstanding

 

27,897

 

29,164

 

28,165

 

29,405

​

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 September 30, 2025 and 2024, approximately nil, and for the nine-month periods ended September 30, 2025 and 2024, approximately 20 and 26, 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.