Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2025

Calculated Basic and Diluted Earnings Per Share

The calculated basic and diluted earnings per share are as follows. Share and per share amounts related to periods prior to the date of Conversion (July 18, 2025) have been adjusted to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3549).



	Years Ended December 31,
	2025		2024
Numerator – net income	$	7,269,000	$	4,931,000
Denominator:
Basic weighted average shares outstanding		7,510,235		7,617,009
Increase in weighted average shares outstanding due to:
Stock options(1)		9,180		—
Diluted weighted average shares outstanding(1)		7,519,415		7,617,009

Earnings per share:
Basic	$	0.97	$	0.65
Diluted	$	0.97	$	0.65

(1)

Weighted average stock options to purchase 2,721 shares under the Company's 2025 Equity Incentive Plan ("2025 EIP") at $14.85 were outstanding during the year ended December 31, 2025 and were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive. Weighted average stock options to purchase 47,069 shares under the Company's 2006 Stock Option Plan and 23,795 shares under the Company's 2012 Equity Incentive Plan ("2012 EIP") at $10.61 and $7.89, respectively, were outstanding during the year ended December 31, 2024 and were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive.