Earnings Per Share

3 Months Ended

Mar. 31, 2025

Note 3. Earnings Per Share

The Company computes earnings per share (EPS) in accordance with FASB Accounting Standards Codification (ASC) Topic 260, Earnings Per Share. The Company has no participating unvested common shares which contain nonforfeitable rights to dividends and applies the treasury stock method in computing basic and diluted earnings per share.

Basic EPS is calculated by dividing net income by the weighted-average number of common shares outstanding during the period.

The diluted EPS calculation includes potential common shares assumed issued under the treasury stock method, which reflects the potential dilution that would occur if any restricted stock or RSUs vest.


	Three Months Ended
	March 31,
	2025		2024
	(in thousands, except share and per share amounts)
Basic EPS:
Net income	$	8,949	$	16,925
Basic weighted average common shares		19,036,309		19,122,168
Basic earnings per common share	$	0.47	$	0.89
Diluted EPS:
Net income	$	8,949	$	16,925
Diluted weighted average common shares:
Weighted average common shares		19,036,309		19,122,168
Restricted stock and RSUs		118,117		89,114
Diluted weighted average common shares		19,154,426		19,211,282
Diluted earnings per common share	$	0.47	$	0.88