EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2025

Basic earnings per share (“EPS”) is calculated using the average number of shares of common stock outstanding during each period. For the calculation of diluted shares, the Company assumes that restricted stock is outstanding on the date of vesting, and the Company assumes the issuance of shares from the exercise of stock options using the treasury stock method.

A reconciliation of reported net income to net income used in calculating EPS as well as a reconciliation from basic to diluted shares follows:


	Three Months Ended March 31,
		2025		2024
		(in thousands)
Net income (numerator):
Net income		$	7,730	$	7,686
Income attributable to unvested shares		(98)		(15)
Numerator for basic		7,632		7,671
Loss attributable to unvested shares		—		15
Numerator for dilutive		$	7,632	$	7,686

Weighted average shares (denominator):
Basic weighted average shares outstanding		103,758		103,659
Effect of dilutive securities		27		882
Diluted weighted average shares outstanding		103,785		104,541
Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be antidilutive		1,330		529