Earnings Per Share
Earnings per common share was computed based on the following:
 
Years Ended December 31,
(dollars in thousands, except per share  data)202520242023
Numerator:
Income applicable to common shares$46,062 $36,427 $40,240 
Denominator:
Weighted average common shares outstanding7,773 7,956 8,028 
Effect of dilutive securities:
Restricted stock43 26 15 
Stock options30 23 22 
Weighted average common shares outstanding - assuming dilution7,846 8,005 8,065 
Earnings per common share$5.93 $4.58 $5.02 
Earnings per common share - assuming dilution$5.87 $4.55 $4.99 
Options on 11,700, 69,337 and 111,234 shares of common stock were not included in computing diluted earnings per share for the years ended December 31, 2025, 2024 and 2023, respectively, because the effect of these shares was anti-dilutive.

Historical Timeline

Fiscal YearFiled
2025Mar 6, 2026Showing above
2024Mar 12, 2025
2023Mar 8, 2024
2022Mar 9, 2023
2021Mar 10, 2022
2020Mar 9, 2021
2019Mar 13, 2020
2018Mar 13, 2019
2017Mar 14, 2018
2016Mar 14, 2017
2015Mar 14, 2016

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.