Earnings Per Share

12 Months Ended

Dec. 31, 2025

The Company computes basic earnings per share by dividing net income by the weighted-average common shares outstanding during the year. Diluted earnings per share is calculated to give effect to all potentially dilutive common shares that were outstanding during the year. Weighted-average diluted common shares outstanding primarily reflect the additional shares that would be issued upon the assumed exercise of stock options and the assumed vesting of unvested share awards. The treasury stock method has been used to compute diluted earnings per share for 2025 and 2024. The Company issued SARs and RSAs, all of which have been evaluated for their potentially dilutive effect under the treasury stock method.

The computations of basic and diluted earnings per share are as follows:


(in thousands, except per share basis)	For the Year Ended December 31,
	2025		2024
Numerator:


Net income – basic and diluted	$	113,987	$	69,279



Denominator:
Shares used in computing net income per share
Weighted-average common shares outstanding - basic	23,022		22,983
Effect of dilutive securities	44		35
Weighted-average common shares outstanding – diluted	23,066		23,018

Earnings per common share
Earnings per share of common stock – basic	$	4.95	$	3.01
Earnings per share of common stock – diluted	$	4.94	$	3.01

The aggregate number of shares excluded from the diluted earnings per share calculations because they would have been anti-dilutive were none and less than 0.1 million shares 2025 and 2024, respectively. For the twelve months ended December 31, 2025 and 2024, SARs and RSAs were not included in the diluted earnings per share calculations as they would have been anti-dilutive because the Company’s average stock price was less than or equal to the exercise price of the SARs or the grant price of the RSAs.