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Earnings Per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share
Note 11. Earnings Per Share
 
Basic earnings per share (“EPS”), which excludes dilution, is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options or restricted stock awards, result in the issuance of common stock which shares in the earnings of the Company. 

A reconciliation of the numerators and denominators of the basic and diluted EPS computations is as follows:
Basic Earnings Per ShareFor the Three Months Ended
September 30,		For the Nine Months Ended
September 30,
(In thousands, except share and per share amounts)2025202420252024
Net income$10,873 $3,385 $26,998 $771 
Weighted average shares outstanding19,019,990 18,843,606 18,980,661 16,478,049 
Basic earnings per share$0.57 $0.18 $1.42 $0.05 
 

Diluted Earnings Per ShareFor the Three Months Ended
September 30,		For the Nine Months Ended
September 30,
(In thousands, except share and per share amounts)2025202420252024
Net income$10,873 $3,385 $26,998 $771 
Weighted average shares outstanding19,019,990 18,843,606 18,980,661 16,478,049 
Effect of dilutive stock options and restricted stock 73,554 121,828 70,630 97,312 
Weighted average shares of common stock and common stock equivalents19,093,544 18,965,434 19,051,291 16,575,361 
Diluted earnings per share$0.57 $0.18 $1.42 $0.05 

Options to purchase 212,635 shares of common stock were outstanding as of September 30, 2025, compared to 343,417 outstanding as of September 30, 2024. There were 117,435 and 100,459 restricted stock awards unvested and outstanding at September 30, 2025 and 2024, respectively. For the three and nine months ended September 30, 2025 and 2024, there were no anti-dilutive weighted average shares outstanding.

Holders of unvested restricted stock accrue dividends at the same rate as common shareholders and they both share equally in undistributed earnings. Unvested restricted stock awards that are time-based contain non-forfeitable rights to dividends or dividend equivalents and are considered to be participating securities in the earnings per share computation using the two-class method. Under the two-class method, earnings are allocated to common shareholders and participating securities according to their respective rights to earnings. Holders of restricted stock awards receive non-forfeitable dividends at the same rate as common stockholders and they both share equally in undistributed earnings. Under the two-class method, the difference in EPS is not significant for these participating securities.