Basic earnings per share were computed by dividing net income by the weighted-average number of common shares outstanding for each respective period. Diluted earnings per share were calculated by dividing net income by the weighted-average of all potentially dilutive common shares that were outstanding during the years presented.

The calculation of basic and diluted earnings per share for the years ended December 31 was as follows:


	2025		2024		2023
Numerator
Net income	$	35,283	$	37,094	$	63,332

Denominator
Determination of shares (in thousands)
Weighted-average common shares outstanding	4,918		4,908		4,920
Dilutive effect – share-based awards	24		39		77
Diluted weighted-average common shares outstanding	4,942		4,947		4,997

Earnings per common share
Basic	$	7.17	$	7.56	$	12.87
Diluted	$	7.14	$	7.50	$	12.68

For the years ended December 31, 2025, 2024 and 2023, 10,336, 7,500, and zero share-based awards, respectively, were excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive.