Computation of Earnings Per Share

3 Months Ended

Mar. 31, 2025

NOTE 10 - COMPUTATION OF EARNINGS PER SHARE

Basic earnings per share were computed by dividing net income by the weighted-average number of common shares outstanding for each respective period. Diluted earnings per share were calculated by dividing net income by the weighted-average of all potentially dilutive common shares that were outstanding during the periods presented.

The calculation of basic and diluted earnings per share for the three months ended March 31, was as follows:


	Three Months Ended March 31,
	2025		2024
Numerator
Net income	$	11,517	$	9,596

Denominator
Determination of shares (in thousands)
Weighted-average common shares outstanding	4,928		4,915
Dilutive effect – share-based awards	22		29
Diluted weighted-average common shares outstanding	4,950		4,944

Earnings per common share
Basic	$	2.34	$	1.95
Diluted	$	2.33	$	1.94

For the three months ended March 31, 2025 and 2024, there were 7,500 and zero share-based awards, respectively, excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive.