Earnings per Common Share

6 Months Ended

Jun. 30, 2025

(9) Earnings per Common Share

The Company has granted restricted stock awards with non-forfeitable rights (with respect to dividends), which are considered participating securities. Accordingly, earnings per common share are computed using the two-class method as required by ASC 260-10-45. Basic earnings per common share are computed as net income available to common shareholders divided by the weighted average number of common shares outstanding during the period, which excludes the participating securities. Diluted earnings per common share include the dilutive effect, if any, of additional potential common shares issuable under the Company’s equity incentive plan, computed using the treasury stock method. The Company had no dilutive securities for the three and six months ended June 30, 2025 and June 30, 2024.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Basic
Net income	$	11,015	$	7,064	$	21,183	$	13,424
Less allocation of earnings and dividends to participating securities		45		266		72		492
Net income available to common shareholders—basic	$	10,970	$	6,798	$	21,111	$	12,932
Weighted average common shares outstanding		15,524,490		15,729,049		15,506,750		15,712,499
Less average participating securities		96,692		591,712		81,784		576,528
Weighted average number of shares outstanding used in the calculation of basic earnings per common share		15,427,798		15,137,337		15,424,966		15,135,971
Earnings per common share:
Basic	$	0.71	$	0.45	$	1.37	$	0.85
Diluted		0.71		0.45		1.37		0.85