EPS (Tables)

3 Months Ended

Mar. 31, 2025

Analysis of Basic and Diluted Earnings Per Share

The following is an analysis of basic and diluted EPS, reflecting the application of the two-class method, as described below:


	Three Months Ended March 31,
(In thousands, except number of shares and per share data)	2025		2024
Net income	$	7,326	$	13,272
Dividends and undistributed earnings allocated to participating securities(1)	—		(11)
Net income available to common shareholders	$	7,326	$	13,261
Weighted-average common shares outstanding for basic EPS(2)	16,844,827		14,572,051
Dilutive effect of stock-based awards(3)	84,988		53,720
Weighted-average common and potential common shares for diluted EPS(2)	16,929,815		14,625,771

Earnings per common share:
Basic EPS	$	0.43	$	0.91
Diluted EPS	$	0.43	$	0.91

Awards excluded from the calculation of diluted EPS(4)	—		—

(1) Represents dividends paid and undistributed earnings allocated to non-vested stock-based awards that contain non-forfeitable rights to dividends.

(2) The Company issued 2,283,782 shares of common stock as consideration for the acquisition of Northway on January 2, 2025. Refer to Note 3 of the consolidated financial statements for further details.

(3) Represents the assumed dilutive effect of restricted shares, restricted share units and contingently issuable performance-based awards utilizing the treasury stock method.

(4) Represents stock-based awards not included in the computation of potential common shares for purposes of calculating diluted EPS as the exercise prices were greater than the average market price of the Company's common stock, and, therefore, are considered anti-dilutive.