Income per common share is calculated by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Net income available to common stockholders is net income adjusted for preferred stock dividends declared and loss on redemptions of preferred stock. Diluted income per common share is calculated by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding, increased by the shares used in the per share calculation by the dilutive effects of restricted stock

and option awards. The table below reflects the calculation of income per common share and the weighted average number of common shares outstanding, on an as if converted basis, used in computing basic and diluted income per common share (in thousands, except per share amounts).


	Three Months Ended March 31,
	2026		2025
	(Unaudited)
Income per common share
Net income	$	17,731	$	8,893
Preferred stock dividend	—		1,432

Net income available to common stockholders	$	17,731	$	7,461
Basic weighted average shares outstanding	18,282		17,840
Income per common share	$	0.97	$	0.42

Diluted income per common share
Net income available to common stockholders	$	17,731	$	7,461
Basic weighted average shares outstanding	18,282		17,840
Effect of dilutive restricted stock and options	522		577
Diluted weighted average shares outstanding	18,804		18,417
Diluted income per common share	$	0.94	$	0.41

There were no anti-dilutive options for the three months ended March 31, 2026. For the three months ended March 31, 2025, there were 73,000 anti-dilutive stock options that were excluded from the calculation of diluted earnings per share.