Earnings Per Common Share ("EPS")

3 Months Ended

Mar. 31, 2025

(2.) EARNINGS PER COMMON SHARE (“EPS”)

The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS (in thousands, except per share amounts). All outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends are considered participating securities. There were no participating securities outstanding for the three months ended March 31, 2025 and 2024. Therefore, the two-class method of calculating basic and diluted EPS was not applicable for the periods presented.


	Three months ended March 31,
	2025			2024
Net income available to common shareholders	$	16,513		$	1,705
Weighted average common shares outstanding:
Total shares issued		20,700			16,100
Unvested restricted stock awards		(10	)		(10	)
Treasury shares		(617	)		(687	)
Total basic weighted average common shares outstanding		20,073			15,403
Incremental shares from assumed:
Vesting of restricted stock awards		212			140
Total diluted weighted average common shares outstanding		20,285			15,543
Basic earnings per common share	$	0.82		$	0.11
Diluted earnings per common share	$	0.81		$	0.11

On December 13, 2024, the Company completed an underwritten public offering of 4,600,000 common shares at $25.00 per share.

For the three months ended March 31, 2025 and 2024, no average shares were excluded from the computation of diluted EPS because the effect would be antidilutive.