Earnings per Share

12 Months Ended

Dec. 31, 2024

Earnings per Share

Earnings per Share

13. Earnings per Share

Basic and diluted earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if outstanding stock options at the presented dates are exercised and shares of restricted stock have vested. For the years ended December 31, 2024 and 2023, 36,826 and 72,049 potentially dilutive securities, respectively, are excluded from the calculation of diluted earnings per share. The effect of these shares was anti-dilutive under the treasury stock method, as the assumed proceeds of the options and restricted stock per unit were above our average share price during the periods.

The following table sets forth the computation of basic and diluted earnings per share:

	Year Ended December 31,
	2024		2023
Numerator:
Net income	$	19,521	$	23,985
Denominator:
Basic weighted-average common shares outstanding		11,152,648		11,426,124
Dilutive shares		725,428		491,432
Diluted weighted-average common shares outstanding		11,878,076		11,917,556
Basic earnings per share	$	1.75	$	2.10
Diluted earnings per share	$	1.64	$	2.01