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

4.    Earnings Per Common Share

Basic earnings per share include only the weighted average common shares outstanding. Diluted earnings per share include the weighted average common shares outstanding and any potentially dilutive common stock equivalent shares in the calculation. Treasury shares are excluded for earnings per share purposes. For the three-month periods ending September 30, 2025 and 2024, options to purchase 167,000 common shares, with an exercise price of $3.32 to $4.22, and options to purchase 204,000 common shares, with an exercise price of $2.96 to $4.22, respectively, were outstanding but were not included in the computation of diluted earnings per common share because to do so would be anti-dilutive. For the nine-month periods ending September 30, 2025 and 2024, options to purchase 179,000 common shares, with an exercise price of $2.96 to $4.22, and options to purchase 204,000 common shares, with an exercise price of $2.96 to $4.22, respectively, were outstanding but were not included in the computation of diluted earnings per common share because to do so would be anti-dilutive.

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Three months ended

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Nine months ended

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September 30, 

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September 30, 

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2025

    

2024

    

2025

    

2024

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(In thousands, except share and per share data)

Numerator:

 

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Net income

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$

2,544

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$

1,183

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$

4,170

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$

2,712

Denominator:

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Weighted average common shares outstanding (basic)

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16,519,267

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16,519,267

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16,519,267

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16,897,444

Effect of stock options

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101

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—

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—

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—

Weighted average common shares outstanding (diluted)

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16,519,368

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16,519,267

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16,519,267

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16,897,444

Earnings per common share:

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Basic

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$

0.15

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$

0.07

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$

0.25

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$

0.16

Diluted

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0.15

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0.07

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0.25

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0.16

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