EARNINGS PER SHARE
The Corporation has a simple capital structure. Basic earnings per share of common stock is calculated as net income available to common stockholders divided by the weighted average number of shares outstanding less unvested restricted stock at the end of the period. Diluted earnings per share is calculated as net income available to common stockholders divided by the weighted average number of shares outstanding.
Years Ended December 31,
202520242023
Weighted average shares outstanding (basic)10,259,179 8,503,473 8,507,803 
Dilutive effect of unvested shares30,969 33,492 28,322 
Weighted average shares outstanding (diluted)10,290,148 8,536,965 8,536,125 
Per share:
Basic$3.61 $3.75 $3.72 
Diluted3.60 3.73 3.71 
There were no antidilutive instruments at December 31, 2025, 2024 and 2023.

Historical Timeline

Fiscal YearFiled
2025Mar 12, 2026Showing above
2024Mar 14, 2025
2023Mar 14, 2024

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.