Earnings Per Share

12 Months Ended

Dec. 31, 2025

The computation of basic and diluted earnings per common share is shown below. There were no anti-dilutive stock options for the years ended December 31, 2025, 2024, and 2023.


	Years Ended December 31,
	2025		2024		2023
Basic earnings per common share computation
Net income per consolidated statements of income	$	61,829	$	50,273	$	53,718
Less: Net earnings allocated to participating securities	(476)		(388)		(283)
Net earnings allocated to common stock	$	61,353	$	49,885	$	53,435
Distributed earnings allocated to common stock	$	18,013	$	14,785	$	14,607
Undistributed earnings allocated to common stock	43,340		35,100		38,828
Net earnings allocated to common stock	$	61,353	$	49,885	$	53,435
Weighted average common shares outstanding, including shares considered participating securities	24,755		20,993		21,010
Less: Average participating securities	(169)		(155)		(106)
Weighted average shares	24,586		20,838		20,904
Basic earnings per common share	$	2.50	$	2.39	$	2.56
Diluted earnings per common share computation
Net earnings allocated to common stock	$	61,353	$	49,885	$	53,435
Weighted average common shares outstanding for basic earnings per common share	24,586		20,838		20,904
Add: Dilutive effects of performance based-shares	83		62		40
Weighted average shares and dilutive potential common shares	24,669		20,900		20,944
Diluted earnings per common share	$	2.49	$	2.39	$	2.55