v3.26.1
Earnings per Share (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings per Share [Abstract]  
Calculated Basic and Diluted Earnings Per Share

The calculated basic and diluted earnings per share are as follows. Share and per share amounts related to periods prior to the date of Conversion (July 18, 2025) have been adjusted to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3549):

 

 

 

Three Months Ended June 30,

 

 

 

2026

 

 

2025

 

Numerator – net income

 

$

 

2,173,000

 

 

$

 

1,919,000

 

Denominator:

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

 

7,377,633

 

 

 

 

7,678,457

 

Increase in weighted average shares outstanding due to:

 

 

 

 

 

 

 

 

Stock options(1)

 

 

 

16,684

 

 

 

 

3,788

 

Diluted weighted average shares outstanding(1)

 

 

 

7,394,317

 

 

 

 

7,682,245

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

Basic

 

$

 

0.29

 

 

$

 

0.25

 

Diluted

 

$

 

0.29

 

 

$

 

0.25

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

Numerator – net income

 

$

 

4,096,000

 

 

$

 

2,975,000

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

7,363,418

 

 

 

 

7,664,392

 

Increase in weighted average shares outstanding due to:

 

 

 

 

 

 

 

 

Stock options(1)

 

 

 

15,884

 

 

 

 

4,848

 

Diluted weighted average shares outstanding(1)

 

 

 

7,379,302

 

 

 

 

7,669,240

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

Basic

 

$

 

0.56

 

 

$

 

0.39

 

Diluted

 

$

 

0.56

 

 

$

 

0.39

 

 

(1)
Weighted average stock options to purchase 43,175 shares under the Company's 2025 Equity Incentive Plan ("2025 EIP") at $14.85 were outstanding during the three and six months ended June 30, 2026 and were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive. All stock options outstanding during the three and six months ended June 30, 2025 were included in the calculation of diluted earnings per share as none had anti-dilutive effects.