Net Income (Loss) per Common Share

12 Months Ended

Dec. 31, 2025

Note 13 – Net Income (Loss) per Common Share

The table below displays the calculation of net income (loss) per common share.


	For the Year Ended December 31,
(dollars and shares in thousands, except per share data)		2025		2024		2023
Basic:
Net income (loss)		$	(138,052)	$	(47,035)	$	100,534
Average common shares outstanding		30,347		30,157		30,346
Basic net income (loss) per common share		$	(4.55)	$	(1.56)	$	3.31

Diluted:
Net income (loss)		$	(138,052)	$	(47,035)	$	100,534
Average common shares outstanding		30,347		30,157		30,346
Adjustment for common share equivalents		—		—		47
Average common shares outstanding-diluted		30,347		30,157		30,393
Diluted net income (loss) per common share (1)		$	(4.55)	$	(1.56)	$	3.31

Anti-dilutive shares		282		75		3

(1) For periods ended with a net loss, anti-dilutive financial instruments have been excluded from the calculation of GAAP diluted earnings per share.

Basic net income (loss) per share is computed by dividing income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the net income (loss) of the Company. The computation of diluted per share does not assume conversion or exercise of securities that would have an anti-dilutive effect on net income (loss) per share.

Securities issued by the Company that could potentially dilute net income (loss) per share in future periods include stock options and restricted stock. To calculate diluted net income (loss) per share, the Company utilizes the Treasury Stock method which results in only an incremental number of shares added to shares outstanding during the period.