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Earnings Per Share

9 Months Ended

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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- 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

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