Note 12 - Earnings Per Share (EPS)

12 Months Ended

Dec. 31, 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 years ended December 31, 2025, 2024 and 2023. 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 years ended December 31, 2025, 2024 and 2023.

(in thousands, except per-share information)
	2025			2024			2023
Numerator for basic and diluted EPS per share of common stock:
Net income (loss) - Basic and diluted	$	159,030		$	37,662		$	(39,226	)
Weighted average shares of common stock:
Shares of common stock outstanding at the balance sheet date		181,986			82,622			51,636
Unvested dividend eligible share based compensation outstanding at the balance sheet date		284			235			-
Effect of weighting		(53,968	)		(17,408	)		(6,987	)
Weighted average shares-basic and diluted		128,302			65,449			44,649
Net income (loss) per common share:
Basic and diluted	$	1.24		$	0.57		$	(0.89	)
Anti-dilutive incentive shares not included in calculation.		-			-			192