v3.26.1
Income Per Common Share
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Income Per Common Share Income Per Common Share
 
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 June 30,Six Months Ended June 30,
2026202520262025
(Unaudited)(Unaudited)
Income per common share
Net income$9,773 $4,496 $27,504 $13,389 
Preferred stock dividend— 1,319 — 2,751 
Loss on redemption of preferred stock— 3,501 — 3,501 
Net income available to common stockholders$9,773 $(324)$27,504 $7,137 
Basic weighted average shares outstanding18,362 18,034 18,322 17,937 
Income per common share$0.53 $(0.02)$1.50 $0.40 
Diluted income per common share
Net income available to common stockholders$9,773 $(324)$27,504 $7,137 
Basic weighted average shares outstanding18,362 18,034 18,322 17,937 
Effect of dilutive restricted stock and options448 563 486 559 
Diluted weighted average shares outstanding18,810 18,597 18,808 18,496 
Diluted income per common share$0.52 $(0.02)$1.46 $0.39 

There were no anti-dilutive options for the three and six months ended June 30, 2026. For the three and six months ended June 30, 2025, there were 30,000 anti-dilutive stock options and 23,000 anti-dilutive restricted shares, respectively, that were excluded from the calculation of diluted earnings per share.