The Company has granted restricted stock awards with non-forfeitable rights (with respect to dividends), which are considered participating securities. Accordingly, earnings per common share are computed using the two-class method as required by ASC 260-10-45. Basic earnings per common share are computed as net income available to common shareholders divided by the weighted average number of common shares outstanding during the period, which excludes the participating securities. Diluted earnings per common share include the dilutive effect, if any, of additional potential common shares issuable under the Company’s equity incentive plan, computed using the treasury stock method. The Company had no dilutive securities for the three months ended March 31, 2026 and March 31, 2025.


	Three Months Ended
	March 31,
	2026		2025
Basic
Net income	$	14,989	$	10,168
Less allocation of earnings and dividends to participating securities		28		44
Net income available to common shareholders—basic	$	14,961	$	10,124
Weighted average common shares outstanding		20,745,499		15,488,813
Less average participating securities		39,169		66,711
Weighted average number of shares outstanding used in the calculation of basic earnings per common share		20,706,330		15,422,102
Earnings per common share:
Basic	$	0.72	$	0.66
Diluted		0.72		0.66