Basic and Diluted Earnings (Loss) per Common Share

12 Months Ended

Dec. 31, 2025

Basic and Diluted Earnings (Loss) per Common Share

12. Basic and Diluted Earnings (Loss) per Common Share

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the reporting period. Diluted earnings (loss) per share is computed similar to basic, except the weighted average number of common shares outstanding is increased to include additional outstanding shares from the assumed exercise of stock options and vesting of RSUs and PSUs, if dilutive. The dilutive effect, if any, of convertible shares is calculated using the treasury stock method.

The following table is a reconciliation of weighted average number of shares outstanding used to compute basic and diluted earnings (loss) per share (in thousands except per share amounts):


	Year Ended December 31,
	2025		2024		2023
Net income (loss)	$	1,233	$	(92,262)	$	(111,441)

Weighted average common shares outstanding, basic	74,049		72,988		73,102
Effect of dilutive securities
Stock options	193		—		—
Restricted stock units	402		—		—
Performance share units	5		—		—
Weighted average number of shares outstanding - diluted	74,649		72,988		73,102

Earnings (loss) per Class A and Class B share - basic	$	0.02	$	(1.26)	$	(1.52)
Earnings (loss) per Class A and Class B share - diluted	$	0.02	$	(1.26)	$	(1.52)

For the year ended December 31, 2025, approximately 1,046,000 outstanding common stock equivalents were excluded from the computation of diluted earnings per share because their effect would have been antidilutive. As we reported net losses for the years ended December 31, 2024 and 2023, all outstanding shares would be considered antidilutive if they were to be assumed as vested or exercised.