Earnings Per Common Share

3 Months Ended

Mar. 31, 2025

Basic EPS is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period, after giving retroactive effect to stock splits. Diluted EPS includes accrued but unissued shares relating to the Director Compensation Program, stock options, and restricted stock determined using the treasury stock method. The dilutive EPS calculation assumes all outstanding stock options to purchase common stock have been exercised at the beginning of the year, and the pro forma proceeds from the exercised options and restricted stock are used to purchase common stock at the average fair market valuation price.

The computations of basic and diluted earnings per common share for the Company were as follows:


	For the Three Months Ended March 31,
(in thousands, except share amounts)	2025		2024
Numerator:
Net income - basic	$	10,352	$	8,188
Net income - diluted	$	10,352	$	8,188

Denominator:
Weighted average shares outstanding - basic	6,777,332		7,050,048
Plus: Effect of Director Compensation Program	319		452
Plus: Effect of restricted stock	19,056		16,209
Weighted average shares outstanding - diluted	6,796,707		7,066,709

Earnings per common share:
Basic	$	1.53	$	1.16
Diluted	$	1.52	$	1.16