Earnings Per Share

12 Months Ended

Dec. 31, 2025

13.

Earnings Per Share

The Company computes EPS in accordance with 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 outstanding options were exercised or restricted stock becomes vested.

The calculation of basic and diluted EPS for the years ended December 31, 2025, 2024 and 2023 are presented below.


	For the Year Ended December 31,
	2025		2024		2023
	(in thousands, except earnings per share amounts)
Basic EPS:
Net income – basic	$	47,145	$	55,436	$	62,108
Basic weighted average common shares		18,979		19,071		19,149
Basic earnings per share	$	2.48	$	2.91	$	3.24
Diluted EPS:
Net income – diluted	$	47,145	$	55,436	$	62,108
Diluted weighted average common shares:
Weighted average common shares		18,979		19,071		19,149
Restricted stock and RSUs		103		89		77
Diluted weighted average common shares		19,082		19,160		19,226
Diluted earnings per common share	$	2.47	$	2.89	$	3.23

The table below sets forth the reconciliation of the weighted average shares used for the basic and diluted EPS calculation.


	Years Ended
	2025		2024		2023
Basic weighted average common shares		18,979,465		19,070,717		19,149,080
Add: Other common shares eligible for common dividends:
Restricted stock and RSUs		102,677		89,088		76,941
Diluted weighted average common shares		19,082,142		19,159,805		19,226,021