v3.25.2
Net Income per Share
6 Months Ended
Jun. 30, 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 June 30, 

For the six months ended June 30, 

(In thousands, except per share amounts)

    

2025

    

2024

    

2025

    

2024

Net income

$

16,491

$

9,454

$

28,089

$

19,040

Weighted average common shares outstanding - Basic

 

10,033

 

10,016

 

10,043

 

10,072

Plus: Potential dilutive common stock equivalents

 

179

 

133

 

186

 

140

Weighted average common shares outstanding - Diluted

 

10,212

 

10,149

 

10,229

 

10,212

Net income per common share - Basic

$

1.64

$

0.94

$

2.79

$

1.89

Net income per common share - Diluted

 

1.61

 

0.93

 

2.74

 

1.86

Stock options and common stock excluded from the income per share calculation as their effect would have been anti-dilutive