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Earnings Per Share | 12 Months Ended
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Dec. 31, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | EARNINGS PER SHARE Share-based awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and included in the computation of both basic and diluted earnings per share. Our grants of stock awards to our employees are considered participating securities and we have prepared our earnings per share calculations to exclude earnings allocated to unvested restricted stock awards, using the two-class method, in the basic and diluted weighted average shares outstanding calculation. The following table sets forth the computation of the basic and diluted earnings per share (in thousands, except per share data):
| Years Ended December 31, |
| 2024 |  | 2023 |  | 2022 |
Numerator for basic and diluted earnings per share: |  |  |  |  |  |
Net income | $ | 32,953 |  |  | $ | 33,413 |  |  | $ | 41,381 |  |
Less: Earnings allocated to unvested restricted stock | (432) |  |  | (306) |  |  | (26) |  |
Income attributable to common stockholders | $ | 32,521 |  |  | $ | 33,107 |  |  | $ | 41,355 |  |
Denominator: |  |  |  |  |  |
Denominator for basic earnings per common share – weighted average shares outstanding | 14,971 |  |  | 14,803 |  |  | 14,857 |  |
Effect of dilutive securities: |  |  |  |  |  |
Stock options | 56 |  |  | 55 |  |  | 183 |  |
Performance awards | 416 |  |  | 597 |  |  | 670 |  |
Denominator for diluted earnings per common share – weighted average shares outstanding | 15,443 |  |  | 15,455 |  |  | 15,710 |  |
Basic earnings per common share: | $ | 2.17 |  |  | $ | 2.24 |  |  | $ | 2.78 |  |
Diluted earnings per common share: | $ | 2.10 |  |  | $ | 2.14 |  |  | $ | 2.63 |  |
Stock options excluded from the computation of diluted earnings per share because the inclusion of such stock options would result in an antidilutive effect are as follows (in thousands):
| Years Ended December 31, |
| 2024 |  | 2023 |  | 2022 |
Antidilutive stock options | 1,143 |  |  | 1,208 |  |  | 311 |  |
Our performance awards are considered to be contingently issuable shares because their issuance is contingent upon the satisfaction of certain performance and service conditions. At December 31, 2024, we had satisfied certain performance criteria for the first, second and third predetermined growth targets of our performance awards to be considered outstanding. Therefore, we included these awards in the computation of diluted earnings per share as of the beginning of the reporting period.

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