Net Income (Loss) per Common Share (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Calculation of 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.