EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

NOTE 18—EARNINGS PER SHARE:

Basic and diluted earnings per share are computed based on the weighted average number of shares outstanding during each period. Diluted earnings per share reflects the potential dilution that could occur upon the exercise of stock options, to the extent outstanding, or upon the vesting of restricted stock grants, any of which would result in the issuance of Common Stock that would then share in the net income of the Company.


	Year Ended December 31,
		2025		2024		2023
Basic earnings per share:
Net income available to common shareholders		$	58,177	$	49,253	$	45,875
Weighted-average basic shares outstanding		26,324		24,945		24,263
Basic earnings per share		$	2.21	$	1.97	$	1.89
Diluted earnings per share:
Net income, for diluted earnings per share1,2		$	58,177	$	49,253	$	45,875


Total weighted-average basic shares outstanding		26,324		24,945		24,263
Add effect of dilutive restricted stock awards3		391		241		85

Total weighted-average diluted shares outstanding4,5		26,715		25,186		24,348
Diluted earnings per share		$	2.18	$	1.96	$	1.88
Anti-dilutive warrants, restricted stock awards, and Series A convertible preferred stock		48		998		1,153

1 For periods presented the Series A convertible preferred stock was anti-dilutive and, therefore, the preferred dividends have not been added back to the numerator of Net income, for diluted earnings per share.

2 Series A Preferred Stock exchanged for Common Stock and cash on September 16, 2025.

3 Incremental diluted shares from restricted stock awards under the treasury stock method.

4 For the years ended December 31, 2025, 2024 and 2023, the incremental diluted shares from Series A convertible preferred stock were not included in the diluted earnings per share count because the results would have been anti-dilutive under the treasury stock method.

5 For the years ended December 31, 2025, 2024 and 2023, the warrants were not included in the diluted share count because the results would have been anti-dilutive under the if-converted method.