Note 12 - Earnings Per Share

9 Months Ended

Sep. 30, 2026

Notes to Financial Statements

Earnings Per Share [Text Block]

12.          Earnings Per Share:

Our basic and diluted earnings per share are computed using the two-class method in accordance with ASC 260. The two-class method is an earnings allocation that determines net income per share for each class of common stock and participating securities according to their participation rights in dividends and undistributed earnings or losses. Non-vested restricted stock awards that include non-forfeitable rights to dividends are considered participating securities. Per share amounts are computed by dividing net income available to common shareholders by the weighted average shares outstanding during each period. Diluted and basic earnings per share are the same because the restricted shares are the only potentially dilutive security.

A reconciliation of the numerators and denominators of the basic and diluted per share computations, as adjusted for the Stock Split, follows:

	Nine months ended				Three months ended
	September 30,				September 30,
	2026		2025		2026		2025
Numerator:
Net income	$	16,790	$	14,346	$	7,937	$	4,696
Less distributed and undistributed income allocated to participating securities		257		214		146		69
Net income attributable to common shareholders		16,533		14,132		7,791		4,627
Denominator:
Weighted average common shares (Basic)		18,279		18,072		18,323		18,144
Weighted average common shares including assumed conversions (Diluted)		18,279		18,072		18,323		18,144
Basic net income per share	$	0.90	$	0.78	$	0.43	$	0.25
Diluted net income per share	$	0.90	$	0.78	$	0.43	$	0.25