(2) Earnings per Common Share

Basic and diluted earnings per common share were computed as follows:  

Options totaling 638,071 and 615,898 equivalent shares for the three-month and six-month periods ended June 30, 2025, respectively, and 543,500 and 533,400 equivalent shares for the three-month and six-month periods ended June 30, 2024, respectively, were outstanding but were not included in the calculation of diluted earnings per share because including the options in the denominator would be antidilutive, or decrease the number of weighted-average shares, due to their exercise prices exceeding the average market price of the common shares, or because inclusion of average unrecognized compensation expense in the calculation would cause the options to be antidilutive.

Unvested performance unit awards totaling 181,111 equivalent shares for each of the three-month and six-month periods ended June 30, 2025, and 148,520 equivalent shares for each of the three-month and six-month periods ended June 30, 2024, were considered outstanding but were not included in the calculation of diluted earnings per share because inclusion of average unrecognized compensation expense in the calculation would cause the performance units to be antidilutive.