Earnings Per Share

6 Months Ended

Jun. 30, 2025

Earnings Per Share

Earnings Per Share

Note 4–Earnings Per Share

Basic earnings per common share is computed using the weighted average number of shares outstanding. Diluted earnings per share is computed using the weighted average number of shares outstanding adjusted for the incremental shares attributable to non-vested stock units and stock options outstanding, if dilutive.

The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2025 and 2024 (in thousands, except per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator:
Net income	$	24,789	$	26,161	$	38,270	$	39,315
Denominator:
Denominator for basic earnings per share	$	25,405	$	26,348	$	25,739	$	26,355
Dilutive effect of employee stock awards		115		172		121		167
Denominator for diluted earnings per share	$	25,520	$	26,520	$	25,860	$	26,522
Earnings per share:
Basic	$	0.98	$	0.99	$	1.49	$	1.49
Diluted	$	0.97	$	0.99	$	1.48	$	1.48

For the three and six months ended June 30, 2025 and 2024, the Company had no outstanding non-vested stock units that were excluded from the computation of diluted earnings per share because including them would have had an anti-dilutive effect.