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EARNINGS PER SHARE
9 Months Ended
Sep. 30, 2025
EARNINGS PER SHARE  
EARNINGS PER SHARE

NOTE 4. EARNINGS PER SHARE

Basic earnings per share is computed by dividing reported net earnings by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect the additional dilution for all potentially dilutive securities such as stock options. The following is a reconciliation of the number of shares (denominator) used in the basic and diluted earnings per share computations (shares in thousands):

Three months ended September 30, 

2025

2024

Per Share

Per Share

    

Shares

Amount

Shares

    

Amount

Basic

 

18,297

$

1.73

18,404

 

$

1.50

Effect of dilutive stock options

 

439

 

(0.04)

342

 

(0.03)

Diluted

 

18,736

$

1.69

18,746

 

$

1.47

Nine months ended September 30, 

2025

2024

Per Share

Per Share

    

Shares

    

Amount

    

Shares

    

Amount

Basic

 

18,376

 

$

4.27

 

18,681

 

$

3.67

Effect of dilutive stock options

 

376

 

(0.09)

 

358

 

(0.07)

Diluted

 

18,752

 

$

4.18

 

19,039

 

$

3.60

Excluded from the computation of diluted earnings per share are options where the exercise prices are greater than the weighted assumed proceeds per share as their effects would be anti-dilutive in the computation of diluted earnings per share. For the three months ended September 30, 2025 and 2024, options for approximately 359 thousand and 905 thousand shares, respectively, were excluded from the computation. For the nine months ended September 30, 2025 and 2024, options for approximately 637 thousand and 910 thousand shares, respectively, were excluded from the computation.