Note 3 – Earnings Per Share

The following schedule presents earnings per share data:

 

 

Year ended December 31,

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Net income applicable to common stock

 

$

18,611

 

 

$

10,242

 

Weighted average number of common shares outstanding

 

 

6,827

 

 

 

6,530

 

Basic earnings per share

 

$

2.73

 

 

$

1.57

 

 

 

 

 

 

 

 

Net income applicable to common stock

 

$

18,611

 

 

$

10,242

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 

 

6,827

 

 

 

6,530

 

Dilutive effect on common shares outstanding

 

 

32

 

 

 

90

 

Weighted average number of diluted common shares outstanding

 

 

6,859

 

 

 

6,620

 

Diluted earnings per share

 

$

2.71

 

 

$

1.55

 

 

Restricted stock units and options to purchase 182,095 shares of common stock at a weighted average exercise price of $26.99 were included in the computation of diluted earnings per share for the year ended December 31, 2025. Certain restricted stock units for 95,750 shares were excluded from the diluted share calculations above as they were deemed to be antidilutive.

Restricted stock units and options to purchase 249,656 shares of common stock at a weighted average exercise price of $23.76 were included in the computation of diluted earnings per share for the year ended December 31, 2024. There were no antidilutive shares to be excluded from the computation of diluted earnings per share at December 31, 2024.

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Historical Timeline

Fiscal YearFiled
2025Mar 13, 2026Showing above
2024Mar 14, 2025
2023Mar 25, 2024
2022Mar 24, 2023

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.