Note 12 - Earnings Per Share (EPS)

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 12. EARNINGS PER SHARE (EPS)

The Company had dividend eligible PUs and DSUs that were outstanding during the nine and three months ended September 30, 2025 and 2024. The basic and diluted per share computations include these unvested PUs and DSUs if there is income available to common stock, as they have dividend participation rights. The unvested PUs and DSUs have no contractual obligation to share in losses. Because there is no such obligation, the unvested PUs and DSUs are not included in the basic and diluted EPS computations when no income is available to common stock even though they are considered participating securities.

The table below reconciles the numerator and denominator of EPS for the nine and three months ended September 30, 2025 and 2024.

(in thousands, except per share information)
	Nine Months Ended September 30,						Three Months Ended September 30,
	2025			2024			2025			2024
Basic and diluted EPS per common share:
Numerator for basic and diluted EPS per share of common stock:
Net income - Basic and diluted	$	55,622		$	32,117		$	72,078		$	17,320
Weighted average shares of common stock:
Shares of common stock outstanding at the balance sheet date		148,239			78,083			148,239			78,083
Unvested dividend eligible share based compensation outstanding at the balance sheet date		273			227			273			227
Effect of weighting		(32,938	)		(17,609	)		(12,143	)		(5,933	)
Weighted average shares-basic and diluted		115,574			60,701			136,369			72,377
Net income per common share:
Basic and diluted	$	0.48		$	0.53		$	0.53		$	0.24