Earnings Per Share

9 Months Ended

Sep. 30, 2025

Basic earnings per share is computed by dividing net income attributable to common stockholders by the number of weighted average shares of voting common stock outstanding, including unvested restricted stock awards which contain rights to non-forfeitable dividends. Diluted earnings per share is computed by dividing net income attributable to common stockholders by the number of weighted average shares of voting common stock outstanding, adjusted for the dilutive impact of unissued shares paid to directors during the year as compensation. A reconciliation of the number of shares used in the calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2025 and 2024 follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Weighted average number of common shares outstanding	66,015,808	66,769,195	66,316,673	66,902,644
Effect of non-participatory equity compensation	14,375	15,392	14,375	15,392
Weighted average number of common shares outstanding, including effect of dilutive securities	66,030,183	66,784,587	66,331,048	66,918,036