Earnings Per Share

12 Months Ended

Dec. 31, 2025

NOTE 16 - EARNINGS PER SHARE

EPS is computed by dividing reported net income by the weighted-average number of shares outstanding. Diluted EPS considers the potential dilution that could occur if common stock equivalents of stock options, RSUs, and PSAs were exercised or converted into stock. PSAs are included in the computation of diluted shares only to the extent that the underlying performance conditions: (i) are satisfied as of the end of the reporting period or (ii) would be considered satisfied if the end of the reporting period were the end of the related performance period and the result would be dilutive under the treasury stock method.

As of December 31, 2025, the PSAs granted during the year ended December 31, 2023 and 2024 met the related performance conditions for the initial performance period and were included in the calculation of diluted EPS; however, the PSAs granted during the year ended December 31, 2025 have not yet completed their initial two-year performance period and therefore were excluded in the calculation of diluted EPS.

There were 32,629, 518, and 1,925 of potentially dilutive shares of stock awards that were excluded from the calculation of weighted-average diluted share computations for the years ended December 31, 2025, 2024, and 2023, respectively, because they were anti-dilutive.

EPS, including the dilutive effect of stock awards for each period reported, is summarized below:


	2025		2024		2023
Net Income	$	91,588	$	110,170	$	82,612

Weighted-average number of basic shares outstanding during the period		18,414		18,747		18,802
Dilutive effect of stock options, RSUs, and performance shares		102		178		192
Weighted-average number of diluted shares outstanding during the period		18,516		18,925		18,994

Basic earnings per share	$	4.97	$	5.88	$	4.39
Diluted earnings per share	$	4.95	$	5.82	$	4.35