5. Income and Dividends Per Share of Common Stock The following table sets forth the computation of basic and diluted income per common share (in thousands, except per share amounts): | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | June 30, | | June 30, | | | | 2026 | | 2025 | | 2026 | | 2025 | | Net income for basic and diluted income per common share | | $ | 34,510 | | $ | 30,831 | | $ | 65,092 | | $ | 64,944 | | Weighted-average shares for basic income per common share | | | 28,686 | | | 28,637 | | | 28,679 | | | 28,630 | | Effect of dilutive securities: | | | | | | | | | | | | | | Employee and director stock options(1) | | | 90 | | | 92 | | | 94 | | | 98 | | Adjusted weighted-average shares and assumed exercises for diluted income per common share | | | 28,776 | | | 28,729 | | | 28,773 | | | 28,728 | | Basic net income per common share | | $ | 1.20 | | $ | 1.08 | | $ | 2.27 | | $ | 2.27 | | Diluted net income per common share | | $ | 1.20 | | $ | 1.07 | | $ | 2.26 | | $ | 2.26 | |
| (1) | Stock options are considered anti-dilutive if the exercise price exceeds the average per share market price for the period. No stock options were excluded for the 2026 periods due to being anti-dilutive. For the three- and six-month periods ended June 30, 2025, 2 and 1 stock options were excluded, respectively, as anti-dilutive because the exercise price exceeded the average per share market price for the period. |
The Company paid $0.06 of cash dividends per share of common stock in each of the three-month periods ended June 30, 2026 and 2025. The Company paid $0.12 of cash dividends per share of common stock in each of the six-month periods ended June 30, 2026 and 2025.
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