EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2025

The components of basic and diluted earnings per share were as follows for the three- and nine-month periods ended September 30, 2025 and 2024:


	Three months ended September 30,
(In thousands, except share and per share data)	2025				2024
	Basic		Diluted		Basic		Diluted
Net income (loss)	$	39,190	$	39,190	$	19,748	$	19,748
Weighted-average common shares outstanding	25,501,551		25,501,551		25,337,147		25,337,147
Add dilutive effect of restricted stock unit awards			855,579				575,124
Add dilutive effect of stock options			10,371				42
Weighted-average common shares outstanding	25,501,551		26,367,501		25,337,147		25,912,313
Earnings (loss) per common share	$	1.54	$	1.49	$	0.78	$	0.76
Awards excluded from diluted earnings per share calculation(1)			75,029				517,500

(1)Outstanding awards that are not "in-the-money" are excluded from the diluted earnings per share calculation because the effect of including them would inherently have been anti-dilutive.


	Nine months ended September 30,
(In thousands, except share and per share data)	2025				2024
	Basic		Diluted		Basic		Diluted
Net income (loss)	$	79,837	$	79,837	$	30,515	$	30,515
Weighted-average common shares outstanding	25,455,052		25,455,052		25,308,951		25,308,951
Add dilutive effect of restricted stock unit awards			855,579				575,124
Add dilutive effect of stock options			1,184				548
Weighted-average common shares outstanding	25,455,052		26,311,815		25,308,951		25,884,623
Earnings (loss) per common share	$	3.14	$	3.03	$	1.21	$	1.18
Awards excluded from diluted earnings per share calculation(1)			173,409				517,500

(1)Outstanding awards that are not "in-the-money" are excluded from the diluted earnings per share calculation because the effect of including them would inherently have been anti-dilutive.

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share gives effect to all dilutive common shares outstanding during the reporting period. The dilutive shares we consider in our diluted earnings per share calculation relate to our outstanding stock options, restricted stock awards, restricted stock unit awards, and performance stock unit awards.

We determine the dilutive effect of our outstanding stock options using the "treasury stock" method. Under this method, we assume the exercise of all of the outstanding stock options whose exercise price is less than the weighted-average market value of our common stock during the reporting period. This method also assumes that the proceeds from the hypothetical stock option exercises are used to repurchase shares of our common stock at the

weighted-average market value of the stock during the reporting period. The net of the assumed stock options exercised and assumed common shares repurchased represents the number of dilutive common shares, which we add to the denominator of the earnings per share calculation.