| EARNINGS PER SHARE |
NOTE 8 — EARNINGS PER SHARE The Company uses the two-class method in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. The factors used in the earnings per share calculation are as follows (in thousands, except per share data). | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | | | 2026 | | 2025 | | 2026 | | 2025 | | Basic | | | | | | | | | | | | | | Net income available to common stockholders | | $ | 19,223 | | $ | 18,767 | | $ | 50,648 | | $ | 35,121 | | | | | | | | | | | | | | | | Weighted average common shares outstanding | | | 12,381,794 | | | 10,564,275 | | | 11,413,075 | | | 10,886,120 | | | | | | | | | | | | | | | | Basic earnings per common share | | $ | 1.55 | | $ | 1.78 | | $ | 4.44 | | $ | 3.23 | | | | | | | | | | | | | | | | Diluted | | | | | | | | | | | | | | Net income allocated to common stockholders | | $ | 19,223 | | $ | 18,767 | | $ | 50,648 | | $ | 35,121 | | | | | | | | | | | | | | | | Weighted average common shares outstanding for basic earnings per common share | | | 12,381,794 | | | 10,564,275 | | | 11,413,075 | | | 10,886,120 | | Add: Dilutive effects of assumed vesting of performance based restricted stock units | | | 38,654 | | | 29,906 | | | 33,478 | | | 24,776 | | Add: Dilutive effects of assumed vesting of restricted stock units | | | 95,491 | | | 82,697 | | | 74,854 | | | 64,535 | | Average shares and diluted potential common shares | | | 12,515,939 | | | 10,676,878 | | | 11,521,407 | | | 10,975,431 | | | | | | | | | | | | | | | | Diluted earnings per common share | | $ | 1.54 | | $ | 1.76 | | $ | 4.40 | | $ | 3.20 | |
For the three and six months ended June 30, 2026, and 2025, respectively, all granted PRSUs and restricted stock units were considered in computing diluted earnings per common share.
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