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EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2025

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

NOTE 17 — EARNINGS PER COMMON SHARE

The Company uses the two-class method in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common stockholders for the period are allocated between common stockholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. The factors used in the earnings per share calculation are as follows (in thousands, except per share data):

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	Year Ended December 31,
​	​ ​ ​	​	​ ​ ​	2025		​ ​ ​	2024		​ ​ ​	2023
Basic	​	​	​	​	​	​	​	​	​	​	​
Net income per consolidated statements of income	​	​	​	$	71,098	​	$	66,686	​	$	77,268
Less:  Earnings allocated to participating securities	​	​	​	​	—	​	​	—	​	​	(365)
Net income available to common stockholders	​	​	​	$	71,098	​	$	66,686	​	$	76,903
​	​	​	​	​	​	​	​	​	​	​	​
Weighted average common shares outstanding including participating securities	​	​	​	​	10,594,606	​	​	11,179,074	​	​	11,112,572
Less:  Weighted average participating securities	​	​	​	​	—	​	​	—	​	​	(52,462)
Weighted average common shares outstanding	​	​	​	​	10,594,606	​	​	11,179,074	​	​	11,060,110
​	​	​	​	​	​	​	​	​	​	​	​
Basic earnings per common share	​	​	​	$	6.71	​	$	5.97	​	​	6.95
​	​	​	​	​	​	​	​	​	​	​	​
Diluted	​	​	​	​	​	​	​	​	​	​	​
Net income allocated to common stockholders	​	​	​	$	71,098	​	$	66,686	​	$	76,903
​	​	​	​	​	​	​	​	​	​	​	​
Weighted average common shares outstanding for basic earnings per common share	​	​	​	​	10,594,606	​	​	11,179,074	​	​	11,060,110
Add: Dilutive effects of assumed vesting of performance based restricted stock units	​	​	​	​	28,940	​	​	—	​	​	69,790
Add: Dilutive effects of assumed vesting of restricted stock units	​	​	​	​	118,124	​	​	76,149	​	​	—
Average shares and dilutive potential common shares	​	​	​	​	10,741,670	​	​	11,255,223	​	​	11,129,900
​	​	​	​	​	​	​	​	​	​	​	​
Dilutive earnings per common share	​	​	​	$	6.62	​	$	5.93	​	$	6.91

​

For the year ended December 31, 2025, all performance based restricted stock units and restricted stock units were considered in computing diluted earnings per common share. For the year ended December 31, 2024, 42,735 of  performance based restricted stock units were not considered in the calculation of diluted earnings per share as their inclusion would be anti-dilutive. For the year ended December 31, 2023, 248,234 of restricted stock units were not considered in the calculation of diluted earnings per share as their inclusion would be anti-dilutive.

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The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Name Accounting Standards Codification
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-Publisher FASB
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