Note 13: Earnings Per Share

The earnings per share, both basic and diluted, are included below as of December 31, (in thousands except for per share data):

  ​ ​ ​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​

2023

Basic earnings per share:

Weighted-average common shares outstanding

48,875,540

44,828,290

44,663,722

Net income

$

80,310

$

85,264

$

91,729

Basic earnings per share

$

1.64

$

1.90

$

2.05

Diluted earnings per share:

Weighted-average common shares outstanding

48,875,540

44,828,290

44,663,722

Dilutive effect of unvested restricted awards 1

793,999

811,061

731,288

Diluted average common shares outstanding

49,669,539

45,639,351

45,395,010

Net Income

$

80,310

$

85,264

$

91,729

Diluted earnings per share

$

1.62

$

1.87

$

2.02

1 Includes the common stock equivalents for restricted share rights that are dilutive.

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Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Mar 6, 2025
2022Mar 9, 2023
2020Mar 8, 2021

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.