EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

EARNINGS PER SHARE

EARNINGS PER SHARE

16. EARNINGS PER SHARE

The following table sets forth the computations of basic and diluted earnings per share for the years ended December 31, 2025 and 2024:

	2025		2024
	(In thousands, except per share amounts)
Numerator:
Net earnings	$	23,078	$	30,320
Denominator:
Basic weighted average shares outstanding		9,472		9,455
Effect of dilutive securities:
Employee share-based awards		93		144
Diluted weighted average shares outstanding		9,565		9,599
Basic earnings per share	$	2.44	$	3.21
Diluted earnings per share	$	2.41	$	3.16

Diluted weighted average shares outstanding for 2025 and 2024 excluded share-based awards totaling 164,000 and 272,000, respectively, as the impact of such awards was anti-dilutive.

Unvested restricted stock awards provide holders with dividend rights prior to vesting, however, such rights are forfeitable if the awards do not vest.  As a result, unvested restricted stock awards are not participating securities and are excluded from the computation of earnings per share.