Earnings Per Share

9 Months Ended

Sep. 30, 2026

Earnings per share on a basic and diluted basis are calculated as follows (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Basic and Diluted Earnings:
Net income	$	27,976	$	4,913	$	78,072	$	48,233
Less: Earnings allocated to participating securities	16		3		43		30
Net income available to common shareholders	$	27,960	$	4,910	$	78,029	$	48,203
Basic weighted-average shares outstanding	29,810		30,067		29,772		30,229
Add: Stock awards	95		68		109		87
Diluted weighted-average shares outstanding	29,905		30,135		29,881		30,316
Basic earnings per share:
Net income	$	0.94	$	0.16	$	2.62	$	1.59
Diluted earnings per share:
Net income	$	0.93	$	0.16	$	2.61	$	1.59

For the three and nine months ended September 30, 2026, there were approximately 419,000 and 425,000 anti-dilutive shares, respectively. For the three and nine months ended September 30, 2025, there were approximately 442,000 and 471,000 anti-dilutive shares, respectively.