Earnings Per Share
The following table presents the computation of basic and diluted earnings per share for the periods presented below (dollars in thousands):
For the Year Ended
December 31,
20252024
Earnings per common share:
Net income$83,409 $55,159 
Preferred stock dividends and related costs11,791 7,997 
Net income available to common stockholders$71,618 $47,162 
Weighted average common shares33,432,89525,759,938
Basic earnings per common share$2.14 $1.83 
Dilutive earnings per common share:
Net income available to common stockholders$71,618 $47,162 
Weighted average common shares33,432,89525,759,938
Effect of dilutive shares430,29462,558
Weighted average dilutive common shares33,863,18925,822,496
Dilutive earnings per common share$2.11 $1.83 

Historical Timeline

Fiscal YearFiled
2025Mar 27, 2026Showing above
2024Mar 28, 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.