In the calculations of basic and diluted earnings per common share for the years ended December 31, 2025 and December 31, 2024, the Company included participating securities, which are certain equity awards that have non-forfeitable dividend participation rights. Dividends and undistributed earnings allocated to participating securities under the basic and diluted earnings per share calculations require specific shares to be included that may differ in certain circumstances, and the Company determined that this difference was not material. For the year ended December 31, 2025, there were 157,299 outstanding restricted stock awards included in the diluted weighted average common shares outstanding. For the year ended December 31, 2024, there were 110,146 outstanding restricted stock awards included in the diluted weighted average common shares outstanding.


	December 31, 2025		December 31, 2024
	(in thousands, except share and per share data)
Basic Earnings per Common Share:
Net income allocable to common stockholders	$	44,024	$	28,750
Dividends allocated to participating securities	(172)		(155)
Net income (loss) to common stockholders - basic	43,852		28,595
Basic weighted average common shares outstanding	23,682,302		24,179,039
Basic earnings per common share	$	1.85	$	1.18
Diluted Earnings per Common Share:
Net income (loss) to common stockholders - basic	$	44,024	$	28,750
Dividends allocated to participating securities	(172)		(155)
Net income (loss) to common stockholders - diluted	43,852		28,595
Basic weighted average common shares outstanding	23,682,302		24,179,039
Net effect of dilutive equity awards	632,323		217,812
Diluted weighted average common shares outstanding	24,314,625		24,396,851
Diluted earnings per common share	$	1.80	$	1.17