EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2025

4. EARNINGS PER SHARE

Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding are as follows:


	Three months ended
	March 31,
(in thousands)	2025		2024
Net income available for stockholders:	$	2,206	$	4,597
Less: Adjustments for earnings attributable to participating securities		(129)		(114)
Net income used in calculating earnings per share	$	2,077	$	4,483

Weighted average shares outstanding (including participating securities)		34,877		34,632
Adjustment for participating securities		(633)		(880)
Shares used in calculating basic and diluted earnings per share		34,244		33,752