Net Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2025

14. Net Income (Loss) Per Common Share

The following is a reconciliation of the weighted average shares outstanding used to compute basic and diluted net income (loss) per common share:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Basic weighted average common shares outstanding		35,467,707		35,123,015		35,398,738		35,251,847
Effect of dilutive securities - equity compensation awards		797,173		—		552,570		—
Diluted weighted average common shares outstanding		36,264,880		35,123,015		35,951,308		35,251,847

Equity compensation awards for which total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net income, and accordingly, are excluded from diluted weighted average common shares outstanding. Anti-dilutive equity instruments of 451,657 and 922,786 were excluded from the diluted weighted average common shares outstanding for the three and nine months ended September 30, 2025, respectively. Due to the net loss incurred during the three and nine months ended September 30, 2024, the assumed exercise of all equity instruments was anti-dilutive and, therefore, not included in the net diluted income (loss) per share calculations for that period.

No cash dividends were declared or paid during the three and nine months ended September 30, 2025 and 2024.