EARNINGS PER SHARE
Earnings per share is based on the weighted average number of shares outstanding for the year. A reconciliation of the basic and diluted earnings per share is as follows:
Year endedYear ended
(Share count in thousands)December 31, 2025December 31, 2024
Basic
Net income attributable to common shareholders$14,420 $13,751 
Weighted average common shares outstanding9,899 10,257 
Basic earnings per share$1.46 $1.34 
Diluted
Net income attributable to common shareholders$14,420 $13,751 
Weighted average common shares outstanding9,899 10,257 
Add: Dilutive stock options outstanding
Average shares and dilutive potential common shares9,907 10,263 
Diluted earnings per share$1.46 $1.34 
Additional common stock option shares that have not been included due to their antidilutive effect— 20 
Dilutive shares outstanding consist of exercisable stock options whose strike prices were less than the annual average closing price of the Company’s common stock. At December 31, 2025 and December 31, 2024, there were 0 and 20 exercisable stock options, respectively, with a potentially dilutive effect. However their strike prices were higher than the annual average closing prices of the Company’s common stock and thus, excluded from diluted shares outstanding.

Historical Timeline

Fiscal YearFiled
2025Mar 5, 2026Showing above
2024Mar 13, 2025
2023Mar 5, 2024
2022Mar 7, 2023
2021Mar 2, 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.