Net Income per Share

3 Months Ended

Mar. 31, 2025

Net Income per Share

Net Income per Share

NOTE 3. Net Income per Share

Basic net income per common share is calculated as net income divided by the weighted average common shares outstanding during the reporting period. Common shares include vested and unvested restricted shares.

Diluted net income per common share is computed similarly to that of basic net income per common share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if all potentially dilutive common shares, principally stock options, were issued during the reporting period utilizing the treasury stock method.

The following is a reconciliation of the calculation of basic and diluted income per share:

	For the three months ended March 31,
(In thousands, except per share amounts)	2025		2024
Net income	$	11,598	$	9,586
Weighted average common shares outstanding - Basic		10,054		10,127
Plus: Potential dilutive common stock equivalents		193		149
Weighted average common shares outstanding - Diluted		10,247		10,276
Net income per common share - Basic	$	1.15	$	0.95
Net income per common share - Diluted		1.13		0.93
Stock options and common stock excluded from the income per share calculation as their effect would have been anti-dilutive		—		—