Earnings Per Share

12 Months Ended

Dec. 31, 2025

Note 2 - Earnings Per Share

The Company computes EPS using the two-class method. The two-class method of computing EPS is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared and participation rights in undistributed earnings. The Company's Series A Non-Voting Preferred Stock is a participating security. Basic earnings per common share are computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during each period. Diluted EPS are based on the weighted-average number of common shares outstanding during each period, plus common share equivalents, calculated for share-based awards outstanding using the treasury stock method and preferred shares using the more dilutive of either the two-class or if-converted method.

Options to purchase shares of the Company's common stock totaling 321,102 in 2025, 327,186 in 2024, and 344,230 in 2023, were anti-dilutive.


	For the Year Ended December 31,
(In thousands, except per share data)	2025		2024		2023
Basic EPS
Net income	$	144,878	$	120,986	$	104,033
Less preferred stock dividends	(2,138)		—		—
Net income available to common shareholders	142,740		120,986		104,033
Less allocation of earnings to preferred stock	(2,434)		—		—
Net income available to common shareholders after allocation of earnings to preferred stock	$	140,306	$	120,986	$	104,033
Average common shares outstanding	88,276		84,367		83,800
Net income per share	$	1.59	$	1.43	$	1.24

Diluted EPS
Net income	$	144,878	$	120,986	$	104,033
Less preferred stock dividends	(2,138)		—		—
Net income available to common shareholders	142,740		120,986		104,033
Less allocation of earnings to preferred stock	(2,411)		—		—
Net income available to common shareholders after allocation of earnings to preferred stock	$	140,329	$	120,986	$	104,033
Average common shares outstanding	88,276		84,367		83,800
Add: Dilutive effect of employee restricted stock and stock options	830		673		529
Average diluted shares outstanding	89,106		85,040		84,329
Net income per share	$	1.57	$	1.42	$	1.23