Basic earnings per share, excluding dilution from participating securities, is computed by dividing earnings available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock or resulted in the issuance of common stock that could then share in our earnings.

The following table sets forth the computation of basic and diluted earnings per share of common stock as of and for the years ended December 31,:


	2025		2024		2023
Net income applicable to common stockholders	$	97,936	$	75,628	$	103,533
Weighted Average Shares
Weighted average common shares outstanding	27,786,887		27,433,865		24,938,359
Effect of dilutive securities
Stock-based awards	462,909		633,408		448,837

Weighted average diluted common shares	28,249,796		28,067,273		25,387,196
Earnings per common share
Basic earnings per common share	$	3.52	$	2.76	$	4.15
Effect of dilutive securities
Stock-based awards	(0.05)		(0.07)		(0.07)
Diluted earnings per common share	$	3.47	$	2.69	$	4.08

Long-term incentive plan grants for (43,789) shares of common stock were not considered in computing diluted earnings per share for the year ended December 31, 2025, because they were antidilutive. There were no antidilutive shares for the years ended December 31, 2024 and 2023, respectively.