v3.25.4
Net Income per Share of Common Stock
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Net Income per Share of Common Stock Net Income per Share of Common Stock
Net income per share of common stock is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted net income per share of common stock is computed similarly but includes the effect of the assumed exercise of dilutive stock appreciation rights and restricted stock under the treasury stock method.
On May 13, 2021, the Company's shareholders approved the 2021 Long Term Equity Incentive Plan (as amended, the “2021 Plan”) that replaced the 2006 Long Term Equity Incentive Plan (as amended, the “2006 Plan”). The 2021 Plan provides restricted stock award recipients voting rights equivalent to the Company's common stock and accrual of dividends but not receipt of dividends until all conditions or restrictions related to such award have been satisfied. Accordingly, the restricted shares are not considered participating shares. The 2006 Plan provided restricted stock award recipients voting rights equivalent to the Company’s common stock and accrual and receipt of dividends irrespective of any conditions or restrictions related to such award being satisfied. Accordingly, the restricted shares granted from the 2006 Plan are considered a participating security and the Company is required to apply the two-class method to consider the impact of the restricted shares on the calculation of basic and diluted earnings per share.
The computation of basic and diluted net income per share of common stock is as follows (in thousands, except for per share data):
December 31,
202520242023
Net income$11,195 $13,299 $20,324 
Less: net income allocated to participating securities— — 81 
Net income available to common stockholders$11,195 $13,299 $20,243 
Weighted average shares of common stock — basic8,569 8,693 8,550 
Effect of dilutive securities129 94 222 
Weighted average common and potentially issuable shares of common stock outstanding — diluted8,698 8,787 8,772 
Basic net income per share of common stock$1.31 $1.53 $2.37 
Diluted net income per share of common stock$1.29 $1.51 $2.31 
The computation of basic and diluted net income per participating share is as follows (in thousands, except for per share data):
December 31,
202520242023
Net income allocated to participating securities$— $— 81 
Weighted average participating shares outstanding — basic— — 34 
Effect of dilutive securities— — — 
Weighted average participating and potentially issuable participating shares outstanding — diluted
— — 34 
Basic net income per participating share$— $— $2.37 
Diluted net income per participating share$— $— $2.37