Earnings Per Common Share ("EPS")

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2025 and 2024. Therefore, the two-class method of calculating basic and diluted EPS was not applicable for the periods presented.


	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Net income available to common shareholders	$	20,112		$	13,101		$	53,793		$	40,071
Weighted average common shares outstanding:
Total shares issued		20,700			16,100			20,700			16,100
Unvested restricted stock awards		(8	)		(10	)		(9	)		(10	)
Treasury shares		(570	)		(626	)		(590	)		(653	)
Total basic weighted average common shares outstanding		20,122			15,464			20,101			15,437
Incremental shares from assumed:
Vesting of restricted stock awards		214			172			205			145
Total diluted weighted average common shares outstanding		20,336			15,636			20,306			15,582

Basic earnings per common share	$	1.00		$	0.85		$	2.68		$	2.60
Diluted earnings per common share	$	0.99		$	0.84		$	2.65		$	2.57

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 and nine months ended September 30, 2025 and 2024, no average shares were excluded from the computation of diluted EPS because the effect would be antidilutive.