Earnings Per Share

12 Months Ended

Dec. 31, 2025

16 - Earnings Per Share

We have two classes of common stock, which we refer to as Class A common stock and Class B common stock. Our Class A common stock is entitled to be paid cash dividends that are at least 10% higher than the cash dividends we pay on our Class B common stock. Accordingly, we use the two-class method for the computation of earnings per common share. The two-class method is an earnings allocation formula that determines earnings per share separately for each class of common stock based on dividends declared and an allocation of remaining undistributed earnings using a participation percentage reflecting the dividend rights of each class.

We present below a reconciliation of the numerators and denominators we used in the basic and diluted per share computations for our Class A common stock:

	Year Ended December 31,
(in thousands)	2025		2024		2023
Basic earnings per share:
Numerator:
Allocation of net income	$	68,150	$	43,178	$	3,788
Denominator:
Weighted-average shares outstanding		30,744		28,155		27,469
Basic earnings per share	$	2.22	$	1.53	$	0.14
Diluted earnings per share:
Numerator:
Allocation of net income	$	68,150	$	43,178	$	3,788
Denominator:
Number of shares used in basic computation		30,744		28,155		27,469
Weighted-average effect of dilutive securities
Add: Director and employee stock options		502		91		94
Number of shares used in per share computations		31,246		28,246		27,563
Diluted earnings per share	$	2.18	$	1.53	$	0.14

We used the following information in the basic and diluted per share computations for our Class B common stock:

	Year Ended December 31,
(in thousands)	2025		2024		2023
Basic and diluted earnings per share:
Numerator:
Allocation of net income	$	11,191	$	7,684	$	638
Denominator:
Weighted-average shares outstanding		5,577		5,577		5,577
Basic and diluted earnings per share	$	2.01	$	1.38	$	0.11