Note 14 — Earnings per Share
Earnings per share is based on the amount of earnings allocated to the stockholders and the weighted average number of shares outstanding during the period for each class of Common Stock. Diluted earnings per share is computed giving effect to all potentially dilutive shares. The following table presents the Company’s calculation of basic and diluted earnings per share for the years ended December 31, 2025 and 2024 (in millions, except share and per share data):
Years Ended December 31,
20252024
Numerator:
Net Income$12.3 $18.4 
Denominator:
Weighted average number of shares - basic22,358,120 22,518,726 
Effect of dilutive share-based awards317,129 333,906 
Weighted average number of shares - diluted22,675,249 22,852,632 
Basic earnings per share$0.55 $0.82 
Diluted earnings per share$0.54 $0.81 

Historical Timeline

Fiscal YearFiled
2025Mar 5, 2026Showing above
2024Mar 4, 2025
2018Mar 6, 2019

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.