Earnings Per Share

9 Months Ended

Sep. 30, 2025

Note 9 – Earnings Per Share

Basic earnings per share are computed by dividing net income by the weighted average number of shares of the Company’s Common Stock, no par value (“Common Stock”), outstanding during the period. The Company’s diluted earnings per share give effect to all potential shares of Common Stock outstanding during a period that do not have an anti-dilutive impact to the calculation. There were no potential shares with an anti-dilutive impact during the three and nine months ended September 30, 2025. In computing the diluted earnings per share, the treasury stock method is used in determining the number of shares assumed to be issued from the exercise of Common Stock equivalents.

The following table illustrates earnings per share and the weighted average shares outstanding used in calculating basic and diluted earnings per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income	$	14,949	$	15,965	$	15,298	$	49,626

Basic weighted average shares of Common Stock outstanding		30,479,846		31,186,867		30,618,564		31,420,826
Dilutive effect of restricted stock, restricted stock units and performance stock units		268,043		178,182		183,129		184,376
Diluted weighted average shares of Common Stock outstanding		30,747,889		31,365,049		30,801,693		31,605,202

Basic earnings per share	$	0.49	$	0.51	$	0.50	$	1.58
Diluted earnings per share	$	0.49	$	0.51	$	0.50	$	1.57