Income and Dividends Per Share of Common Stock

9 Months Ended

Sep. 30, 2024

Income and Dividends Per Share of Common Stock

Income and Dividends Per Share of Common Stock

5. Income and Dividends Per Share of Common Stock

At September 30, 2024, the Company had 45,000,000 shares of common stock authorized and 28,594,270 shares outstanding, after adjusting for the Stock Split.

The following table sets forth the computation of basic and diluted income per common share (in thousands, except per share amounts):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income for basic and diluted income per common share	$	33,353	$	20,733	$	81,849	$	57,549
Weighted-average shares for basic income per common share		28,594		28,480		28,574		28,455
Effect of dilutive securities:
Employee and director stock options(1)		133		80		109		70
Adjusted weighted-average shares and assumed exercises for diluted income per common share		28,727		28,560		28,683		28,525
Basic net income per common share	$	1.17	$	0.73	$	2.86	$	2.02
Diluted net income per common share	$	1.16	$	0.73	$	2.85	$	2.02

(1) No stock options were excluded due to being antidilutive.

The Company paid $0.05 and $0.15 of cash dividends per share of common stock in the three- and nine-month periods ended September 30, 2024, respectively. The Company paid $0.04 and $0.12 of cash dividends per share of common stock in the three- and nine-month periods ended September 30, 2023, respectively.