Note 15. Earnings Per Share

The following schedule reconciles the computation of basic and diluted earnings per share for the periods indicated:

 

 

 

Year Ended December 31,

 

Dollars in thousands, except per share amounts

 

2025

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income

 

$

44,412

 

 

$

41,227

 

 

$

15,958

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding for basic earnings per share

 

 

9,428

 

 

 

9,640

 

 

 

9,398

 

Effect of dilutive securities

 

 

556

 

 

 

317

 

 

 

195

 

Weighted-average shares adjusted for dilutive securities

 

 

9,984

 

 

 

9,957

 

 

 

9,593

 

Earnings per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

4.71

 

 

$

4.28

 

 

$

1.70

 

Diluted

 

$

4.45

 

 

$

4.14

 

 

$

1.66

 

The Company excluded outstanding shares of common stock totaling 37 thousand, 0.2 million, and 0.4 million for the years ended December 31, 2025, 2024, and 2023, respectively, from the computation of diluted earnings per share because they were anti-dilutive.

Historical Timeline

Fiscal YearFiled
2025Feb 20, 2026Showing above
2024Feb 21, 2025
2023Feb 22, 2024
2022Feb 24, 2023
2021Mar 4, 2022
2015Feb 23, 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.