Earnings Per Share
The following table presents the calculation of the basic and diluted EPS for the years ended December 31, 2025, 2024 and 2023. For more information on the calculation of EPS, see Note 1. Significant Accounting Policies to the Consolidated Financial Statements in this Form 10-K:
Year Ended December 31,
($ in thousands, except share and per share data)202520242023
Basic
Net income$25,635 $21,069 $23,918 
Distributed and undistributed earnings allocated to participating securities— (375)(476)
Net income allocated to common shares$25,635 $20,694 $23,442 
Weighted average common shares outstanding14,872,429 14,871,876 15,149,597 
Basic EPS$1.72 $1.39 $1.55 
Diluted
Net income allocated to common shares$25,635 $20,694 $23,442 
Weighted average common shares outstanding for basic earnings per common share
14,872,429 14,871,876 15,149,597 
Add: Dilutive effects of assumed exercises of stock options (1)
33,625 — 9,260 
Average shares and dilutive potential common shares14,906,054 14,871,876 15,158,857 
Diluted EPS$1.72 $1.39 $1.55 
(1)Approximately 16 thousand weighted-average shares of anti-dilutive restricted stock awards were excluded from the diluted EPS computation for the year ended December 31, 2025. no shares of common stock was antidilutive for the years of December 31, 2024 and 2023.
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Historical Timeline

Fiscal YearFiled
2025Mar 13, 2026Showing above
2024Mar 28, 2025
2022Mar 16, 2023
2021Mar 18, 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.