Earnings Per Share

9 Months Ended

Sep. 30, 2025

12. Earnings Per Share

Earnings per share was computed using the weighted average number of common shares and common share equivalents outstanding during the period.

The following table sets forth the computation of basic and diluted earnings per share attributable to class A common shares, class A common shares designated as class A-2 common shares, and class B common shares:


	Quarters Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands, except share and per share data)	2025		2024		2025		2024
Numerator:
Net income	$	12,523	$	12,760	$	18,878	$	34,219
Less: preferred stock distributions		110		110		330		330
Net income available to common shareholders	$	12,413	$	12,650	$	18,548	$	33,889

Denominator:
Weighted average shares for basic earnings per share		14,296,628		13,664,542		14,147,848		13,617,960
Options		61,281		136,335		74,997		66,058
Weighted average shares for diluted earnings per share		14,357,909		13,800,877		14,222,845		13,684,018

Net income per share available to common shareholders
Basic	$	0.87	$	0.93	$	1.31	$	2.49
Diluted	$	0.86	$	0.92	$	1.30	$	2.48

The weighted average shares outstanding used to determine dilutive earnings per share does not include 600,000 options and 483,338 options for the quarter and nine months ended September 30, 2025, respectively, and 550,000 options for both the quarter and nine months ended September 30, 2024 which were deemed to be anti-dilutive.