Earnings Per Share
The components of basic and diluted earnings per share for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands, except share and per share data):
 Years Ended December 31,
 202520242023
Numerator for basic and diluted net income per common share:   
Net income attributable to common shareholders
$84,527 $89,435 $77,295 
Net income available to participating securities (1)
— (9)(59)
Net income available to common shareholders from operations
$84,527 $89,426 $77,236 
Denominator:   
Weighted-average outstanding shares of common stock 19,250,895 19,286,579 19,582,460 
Dilutive effect of: 
Equity incentive plans196,232 94,227 13,970 
Employee stock purchase plan2,035 3,043 4,522 
Common stock and common stock equivalents 19,449,162 19,383,849 19,600,952 
Net income per share from operations:
   
Basic$4.39 $4.64 $3.94 
Diluted$4.35 $4.62 $3.94 
(1) Represents unvested share-based payment awards that contain certain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid).
For the years ended December 31, 2025, 2024 and 2023, 903,348, 1,144,088 and 872,418 anti-dilutive shares were excluded from earnings per share calculation, respectively.

Historical Timeline

Fiscal YearFiled
2025Feb 13, 2026Showing above
2024Feb 20, 2025
2023Feb 28, 2024
2022Mar 31, 2023
2021Apr 15, 2022

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.