Earnings Per Share

3 Months Ended

Mar. 31, 2025

(2) Earnings Per Share

The Company computes earnings per share in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share (“ASC 260”). A reconciliation of the component parts of earnings per share for the three months ended March 31, 2025 and 2024 is as follows:

(in thousands, except per share data)	For the three months ended
	March 31,
	2025		2024
Net income	$	14,275	$	12,126
Weighted average common shares		19,020		19,024
Effect of Dilutive Securities:
Stock Options and Restricted Stock Units		24		8
Weighted average common shares including potential dilutive shares		19,044		19,032

Basic EPS	$	0.75	$	0.64

Diluted EPS	$	0.75	$	0.64

For the three months, ended March 31, 2025 and 2024 there were approximately 8 thousand and 48 thousand, respectively, weighted average anti-dilutive stock options excluded from diluted earnings per share. The stock options are antidilutive because the strike price is greater than the average fair value of the Company’s common stock for the periods presented.