Earnings per Share

3 Months Ended

Mar. 31, 2025

Earnings per Share

Earnings per Share

10. Earnings per Share

Basic and diluted earnings per share are 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 three months ended March 31, 2025 and 2024, 18,390 and 39,933 potentially dilutive securities, respectively, were 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:

	Three Months Ended March 31,
	2025		2024
Numerator:
Net income	$	4,774	$	5,455
Denominator:
Basic weighted-average common shares outstanding		11,245,844		11,266,699
Dilutive shares		762,679		502,665
Diluted weighted-average common shares outstanding		12,008,523		11,769,364
Basic earnings per share	$	0.42	$	0.48
Diluted earnings per share	$	0.40	$	0.46