EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2025

5. EARNINGS PER SHARE

Basic earnings per share (“EPS”) are computed based on the weighted average number of common shares outstanding during the period. Diluted EPS includes additional common shares that would have been outstanding if potential common shares with a dilutive effect, such as stock awards from the Company’s restricted stock plan, had been issued. Anti-dilutive securities represent potentially dilutive securities which are excluded from the computation of diluted EPS as their impact would be anti-dilutive. Diluted EPS is computed using the treasury stock method.

The following table sets forth the computation of basic and diluted EPS for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
(in thousands, except share data)	2025		2024

Numerator:
Net income	$	12,676	$	525

Denominator:

Basic weighted-average common shares outstanding		8,501,204		8,400,354
Dilutive effect of service-based restricted stock awards granted to Board of Directors under the Plan		9,460		5,108
Dilutive effect of service-based restricted stock awards granted to employees under the Plan		84,656		94,892
Diluted weighted-average common shares outstanding		8,595,320		8,500,354

Basic earnings per share		1.49		0.06
Diluted earnings per share		1.47		0.06