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.


	Three months ended					Six months ended
	June 30,					June 30,
	2026			2025		2026			2025
Numerator:
Net income (in 000's)	$	23,481		$	14,695	$	34,409		$	24,971
Denominator:
Basic weighted-average common shares outstanding		23,781,601			24,050,252		23,795,389			24,091,086
Effect of dilutive securities:
Restricted stock		662			301		457			337
Stock options		31,610			550,167		30,398			557,282
Diluted weighted-average common shares outstanding		23,813,873			24,600,720		23,826,244			24,648,705
Earnings per share
Basic	$	0.99		$	0.61	$	1.45		$	1.04
Diluted	$	0.99		$	0.60	$	1.44		$	1.01

We repurchased 29,385 shares of common stock for $0.7 million in the open market during the three months ended March 31, 2025. We repurchased 260,635 shares of common stock for $5.8 million in the open market during the three months ended June 30, 2025. We repurchased 56,386 shares of common stock for $1.1 million in the open market during the three months ended December 31, 2025. We repurchased a total of 346,406 shares of common stock for $7.6 million in the open market during the year ended December 31, 2025. The November 2022 share repurchase program expired on October 31, 2025.

On February 6, 2026, the Board of Directors authorized a new stock repurchase program (the "Repurchase Program") under which the Company may repurchase up to $10.0 million of its outstanding common stock from time to time through February 28, 2029. Repurchases may be made in the open market or through privately negotiated transactions, with the timing, manner, price and volume of any repurchases determined by the Company's Executive Chairman and Chief Executive Officer, or either of them, in their sole discretion, based on market conditions, the Company's cash reserves and cash flow, and the relative attractiveness of alternative uses of capital for operations, growth and share repurchases.

During the six months ended June 30, 2026, the Company repurchased 30,740 shares of its common stock under the Repurchase Program at an aggregate cost of approximately $0.7 million, or an average price of $21.66 per share, of which none were made in the three months ended June 30, 2026, leaving approximately $9.3 million available for future repurchases under the Repurchase Program.

Open market repurchases under the Repurchase Program are intended to be made in compliance with the non-exclusive safe harbor conditions of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The Repurchase Program does not obligate the Company to acquire any particular amount of common stock, has no expiration date prior to February 28, 2029, and may be suspended, modified or discontinued at any time without prior notice. Shares repurchased under the program will be held as treasury shares. The Company has determined that repurchases under the Repurchase Program are permitted under the terms of its existing bank credit facilities and other indebtedness.