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Earnings Per Share
9 Months Ended
Sep. 30, 2025
Earnings Per Share  
Earnings Per Share

Note 3 – Earnings Per Share

Basic earnings per share is derived by dividing net income available to shareholders by the weighted-average number of common shares outstanding during the period and does not include the effect of any potentially dilutive common stock equivalents. Diluted earnings per share is derived by dividing net income available to shareholders by the weighted-average number of shares outstanding, adjusted for the dilutive effect of outstanding common stock equivalents, such as restricted stock units (“RSUs”). There were no anti-dilutive shares outstanding at September 30, 2025 or September 30, 2024.

The following table sets forth the calculation of basic and diluted earnings per common share for the nine- and three-month periods ended September 30, 2025 and 2024:

Nine months ended September 30,

2025

2024

Weighted

Weighted

    

    

Average

    

Per Share

    

    

Average

    

Per Share

(in thousands, except for per share amount)

Income

Shares

Amount

Income

Shares

Amount

Basic Earnings Per Share:

Net income

$

18,738

6,487

$

2.89

$

14,383

6,546

$

2.20

Diluted Earnings Per Share:

Restricted stock units

14

12

Net income

$

18,738

6,501

$

2.88

$

14,383

6,558

$

2.19

Three months ended September 30,

2025

2024

Weighted

Weighted

Average

Per Share

Average

Per Share

(in thousands, except for per share amount)

Income

Shares

Amount

Income

Shares

Amount

Basic Earnings Per Share:

Net income

$

6,948

6,496

$

1.07

$

5,771

6,468

$

0.89

Diluted Earnings Per Share:

Restricted stock units

12

14

Net income

$

6,948

6,508

$

1.07

$

5,771

6,482

$

0.89