Earnings Per Share

3 Months Ended

Mar. 31, 2025

Note 8 – Earnings Per Share

Basic earnings per share is computed using the weighted-average number of common shares outstanding. Diluted earnings per share is computed using the weighted-average number of common shares outstanding adjusted for the incremental shares attributed to outstanding stock equivalents. Stock equivalents include common shares issuable upon the exercise of stock options and other equity instruments and are computed using the treasury stock method. Under the treasury stock method, the exercise price of a share and the amount of compensation cost, if any, for future service that the Company has not yet recognized are assumed to be used to repurchase shares in the current period.

The following table sets forth the calculation of the Company’s basic and diluted earnings per share:


	Three Months Ended March 31,
(in thousands, except per share data)	2025		2024
Net income	$	3,644	$	14,002

Denominator for basic earnings per share		36,052		35,810
Incremental common shares attributable to outstanding restricted stock units		553		586
Incremental common shares attributable to exercise of dilutive options		—		5
Denominator for diluted earnings per share		36,605		36,401

Earnings per share:
Basic	$	0.10	$	0.39
Diluted	$	0.10	$	0.38

During the three months ended March 31, 2025 and 2024, there were no anti-dilutive stock options excluded from the computation of diluted earnings per share. Restricted stock units totaling less than 0.1 million common shares for both the three months ended March 31, 2025 and 2024 were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive.