Earnings Per Share

9 Months Ended

Sep. 30, 2025

NOTE 4 – EARNINGS PER SHARE

Earnings per share are based on the weighted average number of shares outstanding during the period. A computation of basic earnings per share and diluted earnings per share follows:


	Three Months Ended				Nine Months Ended
(Dollars in thousands, except share data)	September 30,				September 30,
	2025		2024		2025		2024
Basic
Net (loss) income	$	14,681	$	7,348	$	14,309	$	19,568

Weighted average common shares outstanding		15,014,933		8,567,548		13,579,249		7,898,938

Basic (loss) earnings per common shares	$	0.98	$	0.86	$	1.05	$	2.48

Diluted
Net (loss) income	$	14,681	$	7,348	$	14,309	$	19,568

Weighted average common shares outstanding		15,014,933		8,567,548		13,579,249		7,898,938
Plus dilutive stock options and restricted stock units		46,222		48,269		46,538		45,227

Weighted average common shares outstanding and potentially dilutive shares		15,061,155		8,615,817		13,625,787		7,944,165

Diluted (loss) earnings per common share	$	0.97	$	0.85	$	1.05	$	2.46

There were no stock options that were considered anti-dilutive to earnings per share for the three and nine months ended September 30, 2025. There were no stock options that were considered anti-dilutive to earnings per share for the three months ended September 30, 2024 and 3,000 stock options that were considered anti-dilutive to earnings per share for the nine months ended September 30, 2024. There were 1,729 and 1,686 performance awards that were considered anti-dilutive to earnings for the three and nine months ended September 30, 2025, respectively.