Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share:

The following is a reconciliation of the income and number of shares used in calculating the diluted earnings per share for Common Stock and Class A Common Stock (amounts in thousands except per share data):

Numerator:	2025		2024		2023
Common:
Distributed earnings	$	19,346	$	18,963	$	32,612
(Excess distributions) undistributed earnings	(1,027)		(474)		19,491
Basic	18,319		18,489		52,103
Class A Common earnings	1,411		1,467		4,216
Diluted	$	19,730	$	19,956	$	56,319
Class A Common:
Distributed earnings	$	1,491	$	1,505	$	2,628
(Excess distributions) undistributed earnings	(80)		(38)		1,588
	$	1,411	$	1,467	$	4,216

Denominator:	2025		2024		2023
Common:
Weighted average shares outstanding - basic	14,988		15,034		14,988
Assumed conversion of Class A Common Stock	1,233		1,276		1,282
Dilutive awards and common stock equivalents	371		397		504
Total weighted average diluted Common Stock	16,592		16,707		16,774
Class A Common:
Weighted average shares outstanding	1,233		1,276		1,282
Basic net earnings per share
Common Stock	$	1.22	$	1.23	$	3.48
Class A Common Stock	$	1.14	$	1.15	$	3.29
Diluted net earnings per share
Common Stock	$	1.19	$	1.19	$	3.36
Class A Common Stock	$	1.14	$	1.15	$	3.25

At December 31, 2024, we did not include approximately 16,000 restricted share units in the computation of diluted earnings per common share because the expense of those shares were greater than the average market price and their inclusion would have been antidilutive.