Basic earnings per share have been computed by dividing net earnings by the weighted average number of common shares outstanding during the applicable period. Diluted earnings per share reflect the potential dilution that could occur if stock options or other contracts to issue common shares were exercised or converted into common stock.

The following table sets forth the computation for basic and diluted earnings per share for the fiscal years ended:


	2026		2025		2024
Basic weighted average common shares outstanding		25,607,789		26,025,452		25,842,798
Effect of dilutive stock options, restricted stock, time-based RSUs and performance-based RSUs		84,507		133,556		97,278
Diluted weighted average common shares outstanding		25,692,296		26,159,008		25,940,076
Earnings per share
Net earnings - basic	$	1.66	$	1.55	$	1.65
Net earnings - diluted	$	1.66	$	1.54	$	1.64
Cash dividends per share	$	1.00	$	3.50	$	1.00

The Company treats unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities, which are included in the computation of earnings per share. The Company's unvested restricted shares participate on an equal basis with common shares; therefore, there is no difference in undistributed earnings allocated to each participating security. Accordingly, the presentation above is prepared on a combined basis. At fiscal year-end 2026, 2025, and 2024, 39,560, 31,251, and 52,500 stock options were excluded from the calculation above, respectively. Their effect would be anti-dilutive.