Earnings Per Share

12 Months Ended

Dec. 31, 2025

EARNINGS PER SHARE

The following table sets forth the computation of the basic and diluted earnings per share (in thousands, except per share data):


	Year ended December 31,
		2025		2024		2023
Numerator for basic and diluted earnings per share:
Net income		$	51,507	$	32,953	$	33,413
Less: Earnings allocated to unvested restricted stock		(687)		(432)		(306)
Income attributable to common stockholders		$	50,820	$	32,521	$	33,107

Denominator:
Denominator for basic earnings per common share – weighted average shares outstanding		15,428		14,971		14,803
Effect of dilutive securities:
Stock options		206		56		55

Performance awards		—		416		597
Denominator for diluted earnings per common share – weighted average shares outstanding		15,634		15,443		15,455

Basic earnings per common share:		$	3.29	$	2.17	$	2.24
Diluted earnings per common share:		$	3.25	$	2.10	$	2.14

Stock options excluded from the computation of diluted earnings per share because the inclusion of such stock options would result in an antidilutive effect are as follows (in thousands):


	Year ended December 31,
		2025	2024	2023
Antidilutive stock options		223	1,143	1,208

Share-based awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and included in the computation of both basic and diluted earnings per share. Our grants of stock awards to our employees are considered participating securities and we have prepared our earnings per share calculations to exclude earnings allocated to unvested restricted stock awards, using the two-class method, in the basic and diluted weighted average shares outstanding calculation.