Earnings per Common Share

3 Months Ended

Mar. 31, 2026

Earnings per Common Share

Earnings per Common Share

Note 9— Earnings per Common Share

Earnings per common share is calculated in accordance with ASC 260 - Earnings Per Share, which provides that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method.

Under the two-class method, basic earnings per common share is computed by dividing net earnings allocated to common stock by the weighted-average number of voting common shares outstanding during the applicable period, excluding outstanding participating securities. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method.

The following table summarizes the computation of earnings per share for the three months ended March 31, 2026 and 2025.


		Three months ended
		March 31,
		2026			2025
Earnings per common share - basic:
Income available to common shareholders (in thousands):
Net income		$	6,101		$	4,810
Less: Income attributable to unvested restricted stock awards			(29)			(18)
Net income available to common shareholders		$	6,072		$	4,792

Weighted average shares outstanding:
Common shares outstanding, including unvested restricted stock			14,193,373			14,275,608
Less: Unvested restricted stock			(67,724)			(52,604)
Weighted-average common shares outstanding - basic			14,125,649			14,223,004

Earnings per common share - basic		$	0.43		$	0.34

Earnings per common share - diluted:
Income available to common shareholders (in thousands):
Net income		$	6,101		$	4,810
Less: Income attributable to unvested restricted stock awards			(29)			(18)
Net income available to common shareholders		$	6,072		$	4,792

Weighted average shares outstanding:
Common shares outstanding, including unvested restricted stock			14,193,373			14,275,608
Less: Unvested restricted stock			(67,724)			(52,604)
Plus: Effect of dilutive options			—			18,068
Weighted-average common shares outstanding - diluted			14,125,649			14,241,072

Earnings per common share - diluted		$	0.43		$	0.34

The Company had no outstanding stock options during the three months ended March 31, 2026. All stock options outstanding during the three months ended March 31, 2025 were included in computing diluted earnings per share for the three months ended March 31, 2025, as none had anti-dilutive effects.