5. Income and Dividends Per Share of Common Stock The following table sets forth the computation of basic and diluted income per common share (in thousands, except per share amounts): | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | | September 30, | | September 30, | | | | 2026 | | 2025 | | 2026 | | 2025 | | Net income for basic and diluted income per common share | | $ | 38,042 | | $ | 38,782 | | $ | 103,134 | | $ | 103,726 | | Weighted-average shares for basic income per common share | | | 28,689 | | | 28,639 | | | 28,682 | | | 28,633 | | Effect of dilutive securities: | | | | | | | | | | | | | | Employee and director stock options(1) | | | 89 | | | 99 | | | 93 | | | 97 | | Adjusted weighted-average shares and assumed exercises for diluted income per common share | | | 28,778 | | | 28,738 | | | 28,775 | | | 28,730 | | Basic net income per common share | | $ | 1.33 | | $ | 1.35 | | $ | 3.60 | | $ | 3.62 | | Diluted net income per common share | | $ | 1.32 | | $ | 1.35 | | $ | 3.58 | | $ | 3.61 | |
| (1) | Stock options are considered anti-dilutive if the exercise price exceeds the average per share market price for the period. No stock options were excluded for the 2026 periods due to being anti-dilutive. For the three- and nine-month periods ended September 30, 2025, 2 and 1 stock options were excluded, respectively, as anti-dilutive because the exercise price exceeded the average per share market price for the period. |
The Company paid $0.06 of cash dividends per share of common stock in each of the three-month periods ended September 30, 2026 and 2025. The Company paid $0.18 of cash dividends per share of common stock in each of the nine-month periods ended September 30, 2026 and 2025.
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