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EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2025

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE H: EARNINGS PER SHARE

The two class method is used in the calculations of basic and diluted earnings per share. Under the two class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared and participation rights in undistributed earnings. The Company has determined that all of its outstanding non-vested stock awards are participating securities as of September 30, 2025.

Basic earnings per share are computed based on the weighted-average of the common shares outstanding for the period. Diluted earnings per share are based on the weighted-average of the shares outstanding and the assumed exercise of stock options during the year. The dilutive effect of options is calculated using the treasury stock method of accounting. The treasury stock method determines the number of common shares that would be outstanding if all the dilutive options were exercised and the proceeds were used to repurchase common shares in the open market at the average market price for the applicable time period. There were approximately 0.2 million and 0.4 million weighted-average anti-dilutive stock options outstanding for the three and nine months ended September 30, 2025, respectively. There were approximately 0.2 million weighted-average anti-dilutive stock options outstanding for the three and nine months ended September 30, 2024.

The following is a reconciliation of basic to diluted earnings per share for the three and nine months ended September 30, 2025 and 2024:


			Three Months Ended					Nine Months Ended
			September 30,					September 30,
(000’s omitted, except per share data)		2025			2024			2025			2024
Net income		$	55,088		$	43,901		$	156,033		$	132,688
Income attributable to unvested stock-based compensation awards			(242)			(192)			(657)			(524)
Income available to common shareholders		$	54,846		$	43,709		$	155,376		$	132,164

Weighted-average common shares outstanding – basic			52,689			52,520			52,726			52,807
Basic earnings per share		$	1.04		$	0.83		$	2.95		$	2.50

Net income		$	55,088		$	43,901		$	156,033		$	132,688
Income attributable to unvested stock-based compensation awards			(242)			(192)			(657)			(524)
Income available to common shareholders		$	54,846		$	43,709		$	155,376		$	132,164

Weighted-average common shares outstanding – basic			52,689			52,520			52,726			52,807
Assumed exercise of stock options			115			160			126			104
Weighted-average common shares outstanding – diluted			52,804			52,680			52,852			52,911
Diluted earnings per share		$	1.04		$	0.83		$	2.94		$	2.50

Stock Repurchase Program

At its December 2024 meeting, the Board of Directors of the Company (the “Board”) approved a new stock repurchase program authorizing the repurchase, at the discretion of senior management, of up to 2,628,000 shares of the Company’s common stock, in accordance with securities and banking laws and regulations, during the twelve-month period starting January 1, 2025. Any repurchased shares will be used for general corporate purposes, including those related to stock plan activities. The timing and extent of repurchases will depend on market conditions and other corporate considerations as determined at the Company’s discretion. There were 206,054 shares of treasury stock purchases made under this authorization during the first nine months of 2025, with an average price paid per share of $53.34.

At its December 2023 meeting, the Board approved a stock repurchase program authorizing the repurchase, at the discretion of senior management, of up to 2,697,000 shares of the Company’s common stock, in accordance with securities and banking laws and regulations, during the twelve-month period starting January 1, 2024. There were 1,000,000 shares of treasury stock purchases made under this authorization during the first nine months of 2024 with an average price paid per share of $45.84.