The following table is a reconciliation of earnings available to common shareholders and basic weighted average common shares outstanding to diluted weighted average common shares outstanding, reflecting the application of the two-class method:


	Three Months Ended March 31,
		2026		2025
		(In thousands, except per share data)
Net income		$	11,275	$	6,888
Dividends to participating securities(1)		(26)		(26)
Undistributed earnings allocated to participating securities(1)		(248)		(111)
Net income for earnings per share calculation		$	11,001	$	6,751

Weighted average shares outstanding, basic		7,724,253		7,670,224
Effect of dilutive equity-based awards(2)		76,682		70,297
Weighted average shares outstanding, diluted		7,800,935		7,740,521
Net earnings per common share:
Basic earnings per common share		$	1.42	$	0.88
Diluted earnings per common share		$	1.41	$	0.87

(1) Represents dividends paid and undistributed earnings allocated to unvested stock-based awards that contain non-forfeitable rights to dividends.

(2) Represents the effect of the assumed exercise of stock options and the vesting of restricted shares, as applicable, utilizing the treasury stock method.