Basic net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted income per share is computed by dividing net income by the weighted-average number of common shares outstanding and dilutive common share equivalents using the treasury stock method. Dilutive common share equivalents include common shares issuable upon exercise of outstanding in-the-money stock warrants and options, as well as restricted stock units. Potential common shares are not included in the denominator of the diluted per share computation when inclusion would be anti-dilutive. For the three and six months ended June 30, 2026 and 2025, there were nil and 1,500 common shares, respectively, that were not included in the potentially dilutive common shares.

Net income per common share was calculated as follows for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands of dollars except share and per share amounts)	2026		2025		2026		2025
Net income per share - basic computation:
Net income available to common shareholders	$	7,333	$	5,965	$	13,662	$	11,015
Average common shares outstanding - basic		12,001,385		10,277,721		11,991,951		10,275,436
Basic net income per share	$	0.61	$	0.58	$	1.14	$	1.07

Diluted net income per share computation:
Net income available to common shareholders	$	7,333	$	5,965	$	13,662	$	11,015
Average common shares outstanding - basic		12,001,385		10,277,721		11,991,951		10,275,436
Incremental shares from assumed conversions
Stock options		344,200		247,388		335,312		257,590
Restricted stock units		102,206		87,146		117,621		103,971
Average common shares outstanding - diluted		12,447,791		10,612,255		12,444,884		10,636,997
Diluted net income per share	$	0.59	$	0.57	$	1.10	$	1.04