Note 14 - Earnings Per Share

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Earnings Per Share [Text Block]

14. Earnings Per Share

Basic earnings per share of common stock is computed by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. As the Company has granted certain equity awards that both participate in dividend equivalents and do not participate in dividend equivalents, the Company has calculated earnings per share pursuant to the two‑class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities according to dividends declared and participation rights in undistributed earnings. All outstanding nonvested shares that contain non-forfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities and are included in computing earnings per share pursuant to the two-class method. Potential common shares in the diluted earnings per share computation are excluded to the extent that they would be anti-dilutive.

	2025		2024		2023
Basic earnings per common share
Net income	$	46,897	$	56,151	$	23,723
Less: Distributed and undistributed earnings allocated to nonvested shares		1,049		1,083		528
Net income allocated to common shareholders	$	45,848	$	55,068	$	23,195
Weighted average common shares outstanding		23,087,800		23,072,993		22,962,591
	$	1.99	$	2.39	$	1.01
Diluted earnings per common share
Net income allocated to common shareholders - basic	$	45,848	$	55,068	$	23,195
Add: Undistributed earnings allocated to nonvested shareholders		430		527		-
Net income allocated to common shareholders - diluted	$	46,278	$	55,595	$	23,195
Weighted average common shares outstanding - basic		23,087,800		23,072,993		22,962,591
Dilutive effect of participating securities		533,106		436,983		-
Weighted average common shares outstanding - diluted		23,620,906		23,509,976		22,962,591
	$	1.96	$	2.36	$	0.98