| Earnings per Share |
Earnings per Share The following table is a reconciliation of the components used to derive basic and diluted earnings per share for the three and six months ended June 30, 2025 and 2024 (in thousands, except share and per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Numerator: | | | | | | | | | Net income | $ | 4,097 | | | $ | 3,180 | | | $ | 7,286 | | | $ | 6,495 | | Amounts allocated to participating common shareholders(1) | (164) | | | (72) | | | (282) | | | (125) | | | Net income allocated to common shareholders | $ | 3,933 | | | $ | 3,108 | | | $ | 7,004 | | | $ | 6,370 | | | Denominator: | | | | | | | | | Weighted average shares outstanding, basic | 12,781,508 | | 12,627,800 | | 12,749,012 | | 12,565,124 | | Weighted average effect of dilutive securities: | | | | | | | | | Stock options | 543,552 | | 387,663 | | 578,742 | | 390,589 | | Warrants | 147,334 | | 94,245 | | 158,399 | | 105,070 | | Weighted average shares outstanding, diluted | 13,472,394 | | 13,109,708 | | 13,486,153 | | 13,060,783 | | Earnings per share, basic | $ | 0.31 | | | $ | 0.25 | | | $ | 0.55 | | | $ | 0.51 | | | Earnings per share, diluted | $ | 0.29 | | | $ | 0.24 | | | $ | 0.52 | | | $ | 0.49 | | | | | | | | | | | Anti-dilutive stock options excluded from the calculation of diluted earnings per share | — | | | 113,954 | | | — | | | 115,454 |
(1)Represents earnings attributable to holders of unvested restricted stock issued to the Company’s directors and employees.
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