Basic earnings per share, excluding dilution, is computed by dividing earnings available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock or resulted in the issuance of common stock that could then share in our earnings.

The following table sets forth the computation of basic and diluted earnings per share of common stock:


	For the three months ended March 31,
	2026		2025
Net income applicable to common stockholders	$	21,583	$	23,569
Weighted Average Shares
Weighted average common shares outstanding	27,851,041		27,721,760
Effect of dilutive securities
Stock-based awards	465,567		572,152

Weighted average diluted common shares	28,316,608		28,293,912
Earnings per common share
Basic earnings per common share	$	0.77	$	0.85
Effect of dilutive securities
Stock-based awards	(0.01)		(0.02)
Diluted earnings per common share	$	0.76	$	0.83

Long-term incentive plan grants for 43,604 shares of common stock were not considered in computing diluted earnings per share for the three months ended March 31, 2026, because they were antidilutive. There were no antidilutive shares for the three months ended March 31, 2025.