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Earnings Per Share
 9 Months Ended
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 EndedNine Months Ended
September 30,September 30,September 30,September 30,
2024202320242023
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 $5,517 
Weighted average shares outstanding
Class A Common Stock— — — — 
Class B Common Stock4,568,920 4,568,240 4,568,920 4,568,240 
Weighted average shares outstanding, basic and dilutive4,568,920 4,568,240 4,568,920 4,568,240 
Three Months EndedNine Months Ended
September 30,September 30,September 30,September 30,
2024202320242023
Earnings per common share, basic and diluted
Class A Common Stock
Per share dividends distributed$— $— $— $— 
Undistributed earnings per share— — — — 
Total basic and diluted earnings per share - Class A Common Stock$— $— $— $— 
Class B Common Stock
Per share dividends distributed$— $— $— $— 
Undistributed earnings per share1.64 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