Douglas Dynamics, Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

Note 14 - Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

	*2025*		*2024*		*2023*
Basic earnings per common share
Net income	$	46,897	$	56,151	$	23,723
Less: Distributed and undistributed earnings allocated to nonvested shares		1,049		1,083		528
Net income allocated to common shareholders	$	45,848	$	55,068	$	23,195
Weighted average common shares outstanding		23,087,800		23,072,993		22,962,591
	$	1.99	$	2.39	$	1.01
Diluted earnings per common share
Net income allocated to common shareholders - basic	$	45,848	$	55,068	$	23,195
Add: Undistributed earnings allocated to nonvested shareholders		430		527		-
Net income allocated to common shareholders - diluted	$	46,278	$	55,595	$	23,195
Weighted average common shares outstanding - basic		23,087,800		23,072,993		22,962,591
Dilutive effect of participating securities		533,106		436,983		-
Weighted average common shares outstanding - diluted		23,620,906		23,509,976		22,962,591
	$	1.96	$	2.36	$	0.98