EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2026

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

NOTE 9 – EARNINGS PER COMMON SHARE

Basic earnings per share was determined by dividing net income allocable to common stockholders for each period by the weighted average number of shares of common stock outstanding during the applicable period. Net income is also allocated to the unvested restricted stock outstanding during each period, as the restricted stock is entitled to receive dividends and is therefore considered a participating security. As of March 31, 2026, the shares of common stock underlying the RSUs (see Note 8) are excluded from the basic earnings per share calculation, as these units are not participating securities until they vest and are issued.

Diluted earnings per share reflects the potential dilution that could occur if securities or other rights exercisable for, or convertible into, common stock were exercised or converted or otherwise resulted in the issuance of common stock that shared in the earnings of the Company.

The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts):


		Three Months Ended
		March 31,
		2026			2025
Numerator for basic and diluted earnings per share:
Net income		$	6,240		$	4,169
Deduct net income attributable to non-controlling interests			(3)			(14)
Deduct earnings allocated to unvested restricted stock (a)			(335)			(334)
Net income available for common stockholders: basic and diluted		$	5,902		$	3,821

Denominator for basic earnings per share:
Weighted average number of common shares outstanding			21,054			20,820
Effect of dilutive securities: RSUs			69			131
Denominator for diluted earnings per share:
Weighted average number of shares			21,123			20,951

Earnings per common share: basic and diluted		$	.28		$	.18

(a)	Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends.

NOTE 9 – EARNINGS PER COMMON SHARE (CONTINUED)

The following table identifies the number of shares of common stock underlying the RSUs that are included in the calculation, on a diluted basis, for such periods:


As of March 31, 2026:
		Total Number		Shares Included Based on (a)
		of Underlying		Return on		Stockholder				Shares
Date of Award		Shares		Capital Metric		Return Metric		Total		Excluded (b)
July 1, 2025 (c)		91,075		45,537		—		45,537		45,538
July 16, 2024 (c)(d)		87,500		35,413		—		35,413		52,087
July 1, 2023 (c)(d)		84,500		31,637		41,513		73,150		11,350
Totals		263,075		112,587		41,513		154,100		108,975


As of March 31, 2025:
		Total Number		Shares Included Based on (a)
		of Underlying		Return on		Stockholder				Shares
Date of Award		Shares		Capital Metric		Return Metric		Total		Excluded (b)
July 16, 2024 (c)(d)		88,250		19,628		44,125		63,753		24,497
July 1, 2023 (c)(d)		85,250		22,856		42,625		65,481		19,769
July 1, 2022 (e)		83,240		30,682		33,760		64,442		18,798
Totals		256,740		73,166		120,510		193,676		63,064

(a)	Reflects the number of shares underlying RSUs that would be issued assuming the measurement date used to determine whether the applicable conditions are satisfied is March 31 of the applicable period.

(b)	Excluded as the applicable conditions had not been met for these shares at the applicable measurement dates.

(c)	The RSUs awarded in 2025, 2024 and 2023 vest, subject to satisfaction of the applicable market and/or performance conditions, as of June 30, 2028, 2027 and 2026, respectively (see Note 8).

(d)	In May 2025, RSUs with respect to 750 shares were forfeited pursuant to each of the RSUs awarded in 2024 and 2023, as the recipient did not maintain a relationship with the Company during the applicable three-year performance cycle.

(e)	With respect to the RSUs awarded July 1, 2022, 36,704 shares were deemed to have vested and the balance of 46,536 shares were forfeited as of June 30, 2025. The vested shares were issued in August 2025.