v3.25.2
Shareholders' Equity and Earnings Per Common Share
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Shareholders' Equity and Earnings Per Common Share Shareholders’ Equity and Earnings Per Common Share
On December 17, 2024, our Board of Directors authorized a share repurchase plan (the “Repurchase Plan”) to buy back up to 1,100,000 shares of our outstanding common stock through December 31, 2025. Shares would be repurchased through open market transactions, though we could execute repurchases through other means, such as privately negotiated transactions. The timing and amount of any share repurchases will depend on a variety of factors, including, among others, securities law restrictions, the trading price of our common stock, regulatory requirements, potential alternative uses for capital, and our financial performance. During the three and six month periods ended June 30, 2025 we repurchased 251,183 and 252,276 shares of common stock, respectively for an aggregate purchase price of $7.32 million and $7.36 million, respectively. During the six month period ended June 30, 2024 there were no shares of common stock repurchased.
A reconciliation of basic and diluted net income per common share follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
(In thousands, except
per share data)
Net income$16,877 $18,528 $32,467 $34,519 
Weighted average shares outstanding (1)20,750 20,902 20,846 20,889 
Stock units for deferred compensation plan for non-employee directors170 179 175 177 
Performance share units24 22 26 23 
Effect of stock options2 2 2 3 
Weighted average shares outstanding for calculation of diluted earnings per share20,946 21,105 21,049 21,092 
Net income per common share
Basic (1)$0.81 $0.89 $1.56 $1.65 
Diluted$0.81 $0.88 $1.54 $1.64 
(1)Basic net income per common share includes weighted average common shares outstanding during the period and participating share awards.
Weighted average stock options outstanding that were not considered in computing diluted net income per common share because they were anti-dilutive were zero for the three and six month periods ended June 30, 2025 and 2024, respectively.