v3.26.1
Earnings Per Share
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The Company’s stock is comprised of two classes: Class A Common Stock and Class B Common Stock. Except in regard to voting and conversion rights, the rights of Class A Common Stock and Class B Common Stock are identical, and the classes rank equally and share ratably with regard to all other matters. Each share of Class B Common Stock is convertible at any time into one share of Class A Common Stock. Because Class A Common Stock and Class B Common Stock share in earnings equally, any potential conversions of Class B Common Stock to Class A Common Stock do not have a dilutive impact.
When declared by the Company’s Board of Directors, holders of Class A Common Stock and Class B Common Stock are entitled to receive dividends equally and ratably on a per-share basis. The Company did not pay dividends to any stockholder during the six month periods ended June 30, 2026 and 2025.
Under the two-class method, earnings available to common stockholders are allocated ratably on a per-share basis between Class A Common Stock and Class B Common Stock. The table below provides a reconciliation of the combined Class A and Class B Common Stock numerators and denominators of the earnings per share computations (dollars in thousands, except per share data). The number of basic and diluted shares are the same because there are no potentially dilutive instruments.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net Income$9,512 $4,584 $16,584 $10,191 
Dividends declared on common stock
Class A Common Stock— — — — 
Class B Common Stock— — — — 
Undistributed net income for basic and diluted earnings per share$9,512 $4,584 $16,584 $10,191 
Weighted average shares outstanding
Class A Common Stock3,372,321 3,125,918 3,343,145 3,107,466 
Class B Common Stock3,189,496 3,435,899 3,218,672 3,454,351 
Weighted average shares outstanding, basic and dilutive6,561,817 6,561,817 6,561,817 6,561,817 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Earnings per common share, basic and diluted
Class A Common Stock
Per share dividends distributed$— $— $— $— 
Undistributed earnings per share1.45 0.70 2.53 1.55 
Total basic and diluted earnings per share - Class A Common Stock$1.45 $0.70 $2.53 $1.55 
Class B Common Stock
Per share dividends distributed$— $— $— $— 
Undistributed earnings per share1.45 0.70 2.53 1.55 
Total basic and diluted earnings per share - Class B Common Stock$1.45 $0.70 $2.53 $1.55