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Earnings Per Share | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Earnings Per Share | Note 2 – Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS is calculated by dividing net income by the weighted average number of common shares outstanding for the period adjusted to include the effect of outstanding stock options, if dilutive, using the treasury stock method. Shares issued during any period are weighted for the portion of the period they were outstanding. Note 2 – Earnings Per Share (concluded) The following schedule presents earnings per share data for the three and nine months ended September 30, 2025 and 2024 (in thousands, except per share data):
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net income (loss) applicable to common stock |  | $ | 6,466 |  |  | $ | (4,456 | ) |  | $ | 12,532 |  |  | $ | 5,015 |
Weighted average number of common shares outstanding |  |  | 6,776 |  |  |  | 6,573 |  |  |  | 6,849 |  |  |  | 6,412 |
Basic earnings (loss) per share |  | $ | 0.95 |  |  | $ | (0.68 | ) |  | $ | 1.83 |  |  | $ | 0.78 |
Net income (loss) applicable to common stock |  | $ | 6,466 |  |  | $ | (4,456 | ) |  | $ | 12,532 |  |  | $ | 5,015 |
Weighted average number of common shares outstanding |  |  | 6,776 |  |  |  | 6,573 |  |  |  | 6,849 |  |  |  | 6,412 |
Dilutive effect on common shares outstanding |  |  | 19 |  |  |  | — |  |  |  | 35 |  |  |  | 84 |
Weighted average number of diluted common shares outstanding |  |  | 6,795 |  |  |  | 6,573 |  |  |  | 6,884 |  |  |  | 6,496 |
Diluted earnings (loss) per share |  | $ | 0.95 |  |  | $ | (0.68 | ) |  | $ | 1.82 |  |  | $ | 0.77 |
The following schedule presents stock options granted but not exercised and the amount of shares that were anti-dilutive because the weighted average exercise price equaled or exceeded the estimated fair value of our common stock for the three- and six-months period ended September 30, 2025, and 2024:
|  | Three months ended September 30, |
|  | 2025 |  |  | 2024 |
|  |  |  |  | Weighted Ave |  |  |  |  |  | Weighted Ave |
|  | Options |  |  | Exercise Price |  |  | Options |  |  | Exercise Price |
Options to purchase |  |  | 186,603 |  |  | $ | 26.95 |  |  |  | — |  |  | $ | — |
Anti-dilutive |  |  | — |  |  | $ | — |  |  |  | 287,659 |  |  | $ | 26.04 |
|  | Nine months ended September 30, |
|  | 2025 |  |  | 2024 |
|  |  |  |  | Weighted Ave |  |  |  |  |  | Weighted Ave |
|  | Options |  |  | Exercise Price |  |  | Options |  |  | Exercise Price |
Options to purchase |  |  | 186,603 |  |  | $ | 26.95 |  |  |  | 309,984 |  |  | $ | 25.21 |
Anti-dilutive |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | — |

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