Earnings per Common Share

6 Months Ended

Jun. 30, 2025

Basic earnings per common share are calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per common share are calculated by dividing net income by the weighted average number of shares adjusted for the dilutive effect of common stock awards (outstanding stock options and unvested restricted stock), if any. Presented below are the calculations for basic and diluted earnings per common share.


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per share data)	2025		2024		2025		2024
Net income	$	36,035	$	29,273	$	68,627	$	57,063
Weighted average common shares outstanding	15,029		14,937		15,142		14,922
Effect of dilutive common stock awards	402		339		396		340
Diluted weighted average common shares outstanding	15,431		15,276		15,538		15,263
Basic earnings per common share*	$	2.40	$	1.96	$	4.53	$	3.82
Diluted earnings per common share*	$	2.34	$	1.92	$	4.42	$	3.74

*Cumulative quarterly per share performance may not equal annual per share totals due to the effects of the amount and timing of capital increases. When computing earnings per share for an interim period, the denominator is based on the weighted average shares outstanding during the interim period, and not on an annualized weighted average basis. Accordingly, the sum of the earnings per share data for the quarters will not necessarily equal the year to date earnings per share data.

For the three and six months ended June 30, 2025, options to purchase less than 0.1 million shares were excluded from the calculation of diluted earnings per common share as the effect of their exercise would have been anti-dilutive. For the three and six months ended June 30, 2024, options to purchase approximately 0.6 million shares were excluded from the calculation of diluted earnings per common share as the effect of their exercise would have been anti-dilutive.