| Common Stock and Earnings per Share |
Common Stock and Earnings per Share The table below shows activity in the outstanding shares of the Company’s common stock during 2025. | | | | | | | 2025 | | Shares outstanding at January 1 | 13,504,104 | | | Issuance of common stock: | | | Employee restricted stock units vested | 16,008 | | | Performance-based stock vested | 55,348 | | | | | | | Employee restricted stock surrendered for tax obligations | (37,925) | | | Shares repurchased | (617,415) | | | Shares forfeited | (2,483) | | Shares outstanding at December 31 | 12,917,637 | |
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the sum of the weighted average number of common shares outstanding and the weighted average number of potential common shares outstanding. The calculations of basic and diluted earnings per share are as follows: | | | | | | | | | | | | | | | | | | | December 31, | | (In thousands except share and per share data) | 2025 | | 2024 | | 2023 | | Basic: | | | | | | | Net income from continuing operations | $ | 31,112 | | | $ | 18,558 | | | $ | 27,890 | | | Net income from discontinued operations | 4,004 | | | 610 | | | 2,169 | | | Net income | $ | 35,116 | | | $ | 19,168 | | | $ | 30,059 | | | Weighted-average common shares outstanding | 13,181,884 | | | 13,501,930 | | | 13,530,005 | | | Basic earnings per share from continuing operations | $ | 2.36 | | | $ | 1.37 | | | $ | 2.06 | | | Basic earnings per share from discontinued operations | $ | 0.30 | | | $ | 0.05 | | | $ | 0.16 | | | Basic earnings per share | $ | 2.66 | | | $ | 1.42 | | | $ | 2.22 | | | Diluted: | | | | | | | Net income from continuing operations | $ | 31,112 | | | $ | 18,558 | | | $ | 27,890 | | | Net income from discontinued operations | 4,004 | | | 610 | | | 2,169 | | | Net income | $ | 35,116 | | | $ | 19,168 | | | $ | 30,059 | | | Weighted-average common shares outstanding | 13,181,884 | | | 13,501,930 | | | 13,530,005 | | | Effect of dilutive restricted stock and stock appreciation rights | 281,415 | | | 275,641 | | | 286,011 | | | Weighted-average common shares outstanding assuming dilution | 13,463,299 | | | 13,777,571 | | | 13,816,016 | | | Diluted earnings per share from continuing operations | $ | 2.31 | | | $ | 1.35 | | | $ | 2.02 | | | Diluted earnings per share from discontinued operations | $ | 0.30 | | | $ | 0.04 | | | $ | 0.16 | | | Diluted earnings per share | $ | 2.61 | | | $ | 1.39 | | | $ | 2.18 | |
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