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EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2025
EARNINGS PER SHARE  
EARNINGS PER SHARE

15. EARNINGS PER SHARE

Basic earnings per common share (“EPS”) is computed based on the weighted-average number of common shares outstanding during the reporting period. Basic weighted average common shares outstanding do not include shares of restricted stock that have not yet vested, although such shares are included as outstanding shares in the Company’s balance sheets. Diluted EPS is based on the weighted-average number of common shares outstanding plus the number of additional shares that would have been outstanding had the dilutive common shares been issued. The following table reconciles the numerators and denominators used in the computations of both basic and diluted EPS.

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Three months ended

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Nine months ended

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September 30, 

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September 30, 

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2025

    

2024

    

2025

    

2024

Numerator:

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Net income (in 000's)

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$

8,645

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$

15,803

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$

33,616

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$

47,131

Denominator:

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Basic weighted-average common shares outstanding

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23,868,727

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24,154,779

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24,016,152

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24,237,405

Effect of dilutive securities:

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Restricted stock

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522

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636

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503

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410

Stock options

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563,975

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655,401

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559,373

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632,897

Diluted weighted-average common shares outstanding

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24,433,224

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24,810,816

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24,576,028

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24,870,712

Earnings per share

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Basic

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$

0.36

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$

0.65

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$

1.40

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$

1.94

Diluted

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$

0.35

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$

0.64

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$

1.37

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$

1.90

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In November 2022, our Board of Directors approved a share repurchase program to authorize the repurchase of up to $10.0 million of the Company’s common stock. On August 6, 2024, our Board of Directors authorized the repurchase of an additional $10.0 million of the Company’s common stock under the share repurchase program. We repurchased 262,530 shares of common stock for $5,398 in the open market during the year ended December 31, 2024. We repurchased 29,385 shares of common stock for $675 in the open market during the three months ended March 31, 2025. We repurchased 260,635 shares of common stock for $5,817 in the open market during the three months ended June 30, 2025. No shares were repurchased during the three months ended September 30, 2025. As of September 30, 2025, we had a remaining authorization of approximately $8,110.