Earnings per Common Share

9 Months Ended

Sep. 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 nine months ended September 30, 2025 and September 30, 2024.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Basic
Net income	$	12,760	$	8,366	$	33,943	$	21,790
Less allocation of earnings and dividends to participating securities		61		177		173		455
Net income available to common shareholders—basic	$	12,699	$	8,189	$	33,770	$	21,335
Weighted average common shares outstanding		18,767,607		15,736,966		16,605,546		15,720,714
Less average participating securities		91,743		332,531		85,141		328,447
Weighted average number of shares outstanding used in the calculation of basic earnings per common share		18,675,864		15,404,435		16,520,405		15,392,267
Earnings per common share:
Basic	$	0.68	$	0.53	$	2.04	$	1.39
Diluted		0.68		0.53		2.04		1.39