| Earnings per Share |
3. Earnings per Share Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average number of basic common shares outstanding during the period. Diluted EPS amounts are based on the weighted average number of common shares including non-vested performance stock grants. The following table sets forth the computation of basic and diluted EPS for the periods indicated. | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Earnings attributable to common shareholders - basic and diluted: | | | | | | | | | | | | | Net income from continuing operations | | $ | 34,517 | | $ | 28,937 | | $ | 20,194 | | $ | 50,833 | Allocation of income for participating shares | | | (176) | | | (136) | | | (101) | | | (229) | Net income from continuing operations attributed to common shareholders | | $ | 34,341 | | $ | 28,801 | | $ | 20,093 | | $ | 50,604 | Earnings per share denominator - basic and diluted | | | | | | | | | | | | | Total weighted average common shares outstanding, including participating shares | | | 14,596,262 | | | 14,814,223 | | | 14,582,798 | | | 14,799,173 | Less: weighted average participating shares | | | (74,569) | | | (69,255) | | | (72,799) | | | (67,330) | Basic earnings per share denominator | | | 14,521,693 | | | 14,744,968 | | | 14,509,999 | | | 14,731,843 | Common equivalent shares- non-vested performance stock grants | | | 36,601 | | | 37,276 | | | 42,291 | | | 31,889 | Diluted earnings per share denominator | | | 14,558,294 | | | 14,782,244 | | | 14,552,290 | | | 14,763,732 | | | | | | | | | | | | | | Basic earnings per share | | $ | 2.36 | | $ | 1.95 | | $ | 1.38 | | $ | 3.44 | Diluted earnings per share | | $ | 2.36 | | $ | 1.95 | | $ | 1.38 | | $ | 3.43 | | | | | | | | | | | | | | Undistributed earnings attributable to common shareholders - basic and diluted: | | | | | | | | | | | | | Net income from continuing operations attributable to common shareholders -Basic | | $ | 2.36 | | $ | 1.95 | | $ | 1.38 | | $ | 3.44 | Dividends declared | | | (0.92) | | | (0.90) | | | (1.84) | | | (1.80) | Undistributed earnings | | $ | 1.44 | | $ | 1.05 | | $ | (0.46) | | $ | 1.64 | | | | | | | | | | | | | | Net income from continuing operations attributable to common shareholders -Diluted | | $ | 2.36 | | $ | 1.95 | | $ | 1.38 | | $ | 3.43 | Dividends declared | | | (0.92) | | | (0.90) | | | (1.84) | | | (1.80) | Undistributed earnings | | $ | 1.44 | | $ | 1.05 | | $ | (0.46) | | $ | 1.63 |
Diluted EPS excludes non-vested performance stock grants with exercise prices and exercise tax benefits greater than the average market price of the Company’s common stock during the period because their inclusion would be anti-dilutive. There were no anti-dilutive shares related to non-vested performance stock grants for the three and six months ended June 30, 2026 and 2025, respectively.
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