Common Stock and Earnings Per Share

9 Months Ended

Sep. 30, 2025

Common Stock and Earnings Per Share [Abstract]

3. Common Stock and Earnings Per Share

Net income of $6,201 and $5,863 for the three months ended September 30, 2025 and 2024, respectively, and $14,891 and $15,183 for the nine months ended September 30, 2025 and 2024, respectively, is used to calculate both basic and diluted earnings per share. Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding plus potentially dilutive shares. The dilutive effect of employee stock-based compensation is included in the computation of diluted earnings per share and is calculated using the treasury stock method and expected proceeds upon exercise or issuance of the stock-based compensation.

The following table summarizes the shares used in computing basic and diluted earnings per share:

	Three Months Ended September 30				Nine Months Ended September 30
	2025		2024		2025		2024

Weighted average common shares, basic		14,412,114		14,354,021		14,396,599		14,339,876
Effect of dilutive securities:
Employee stock-based compensation		38		821		55		211
Weighted average common shares, diluted		14,412,152		14,354,842		14,396,654		14,340,087

On March 11, 2013, the Board of Directors, or the Board, authorized a share repurchase program granting the Company authority to repurchase up to 1,200,000 shares of the Company’s common stock from time to time. The stock repurchase program has no specific end date and the Company may repurchase shares in the open market or through privately negotiated transactions. The Company may suspend or discontinue the repurchase program at any time. No shares were repurchased during the three or nine months ended September 30, 2025 and 2024. As of September 30, 2025, 618,004 shares remain authorized for repurchase.