10. Earnings Per Share

 

The following table sets forth the computation of basic and diluted earnings per share:

 

  

Years Ended December 31,

 
  

2025

  

2024

 

Numerator:

        

Net income for basic and diluted earnings per share

 $13,536  $8,359 

Denominator:

        

Denominator for basic earnings per share weighted average shares

  3,672,239   3,553,303 

Effect of dilutive securities:

        

Options, restricted stock units, and warrants

  264,575   157,341 

Denominator for diluted earnings per share weighted average shares

  3,936,814   3,710,644 

Basic earnings per share

 $3.69  $2.35 

Diluted earnings per share

 $3.44  $2.25 

 

Approximately 1,955 stock options and 0 restricted stock units for the year ended December 31, 2025 were excluded from the calculation because they were anti-dilutive.  For the year ended December 31, 2024, no stock options and restrictive stock options were excluded. 

 

Historical Timeline

Fiscal YearFiled
2025Mar 12, 2026Showing above
2024Mar 27, 2025

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.