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Earnings Per Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Effective October 3, 2024, and pursuant to the stock Reclassification described in Note 2 - Capital Structure, the Company’s stock is comprised of two classes: Class A Common Stock and Class B Common Stock. Except in regard to voting and conversion rights, the rights of Class A Common Stock and Class B Common Stock are identical, and the classes rank equally and share ratably with regard to all other matters. Each share of Class B Common Stock is convertible at any time into one share of Class A Common Stock. On October 3, 2024, 26,876 existing shares of Old Common Stock held by the company’s pre-IPO investors were reclassified into 4,568,920 shares of Class B Common Stock. In connection with the IPO, the Company issued 1,850,000 shares of Class A Common Stock on October 7, 2024 and 142,897 shares of Class A Common Stock on November 1, 2024. See Note 2—Capital Structure in the Notes to Unaudited Consolidated Financial Statements contained within this Form 10-Q for further information regarding the stock Reclassification and the IPO. When declared by the Company’s Board of Directors, holders of Class A Common Stock and Class B Common Stock are entitled to receive dividends equally and ratably on a per-share basis. The Company did not pay dividends to any stockholder during 2023 or the nine-month period ending September 30, 2024. Under the two-class method, earnings available to common stockholders are allocated ratably on a per-share basis between Class A Common Stock and Class B Common Stock. The table below provides a reconciliation of the combined Class A and Class B Common Stock numerators and denominators of the earnings per share computations. The table gives effect to the Reclassification of 26,876 shares of Old Common Stock into 4,568,920 shares of Class B Common Stock on October 3, 2024. It does not give effect to the issuance of 1,850,000 and 142,897 shares of Class A Common Stock issued in connection with the IPO on October 7, 2024 and November 1, 2024, respectively, and there were no shares of Class A Common Stock outstanding during any of the periods reported. The number of basic and diluted shares are the same because there are no potentially dilutive instruments.
| Three Months Ended |  | Nine Months Ended
| September 30, | September 30, |  | September 30, | September 30,
| 2024 | 2023 |  | 2024 | 2023
Net Income | $ | 7,487 |  | $ | 2,843 |  |  | $ | 17,209 |  | $ | 5,517 |
Dividends declared on common stock |  |  |  |  |
Class A Common Stock | $ | — |  | $ | — |  |  | $ | — |  | $ | — |
Class B Common Stock | $ | — |  | $ | — |  |  | $ | — |  | $ | — |
Undistributed net income for basic and diluted earnings per share | $ | 7,487 |  | $ | 2,843 |  |  | $ | 17,209 |  | $ | 5,517 |
Weighted average shares outstanding |  |  |  |  |
Class A Common Stock | — |  | — |  |  | — |  | — |
Class B Common Stock | 4,568,920 |  | 4,568,240 |  |  | 4,568,920 |  | 4,568,240 |
Weighted average shares outstanding, basic and dilutive | 4,568,920 |  | 4,568,240 |  |  | 4,568,920 |  | 4,568,240 |
| Three Months Ended |  | Nine Months Ended
| September 30, | September 30, |  | September 30, | September 30,
| 2024 | 2023 |  | 2024 | 2023
Earnings per common share, basic and diluted |  |  |  |  |
Class A Common Stock |  |  |  |  |
Per share dividends distributed | $ | — |  | $ | — |  |  | $ | — |  | $ | — |
Undistributed earnings per share | — |  | — |  |  | — |  | — |
Total basic and diluted earnings per share - Class A Common Stock | $ | — |  | $ | — |  |  | $ | — |  | $ | — |
Class B Common Stock |  |  |  |  |
Per share dividends distributed | $ | — |  | $ | — |  |  | $ | — |  | $ | — |
Undistributed earnings per share | 1.64 |  | 0.62 |  |  | 3.77 |  | 1.21 |
Total basic and diluted earnings per share - Class B Common Stock | $ | 1.64 |  | $ | 0.62 |  |  | $ | 3.77 |  | $ | 1.21 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
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