Note 5 - Earnings Per Common Share

6 Months Ended

Jun. 30, 2025

Disclosure Text Block [Abstract]

Earnings Per Common Share

Note 5. Earnings Per Common Share

We calculate basic earnings per common share on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is calculated using the weighted average number of shares of common stock outstanding during the period plus the effect of potential dilutive common shares during the period using the treasury stock and if-converted methods.

Potential dilutive shares of common stock include outstanding unvested restricted stock awards, deferred restricted stock units, unvested performance based units and convertible preferred stock (collectively referred to as dilutive units) for all periods in which we have reported net income. The 2025 dilutive units exclude the impact of 2,068,000 warrants exercisable at $8.02 per warrant, due to their anti-dilutive impact.

The following table represents net income per common share – basic and diluted (in thousands, except income per share):

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Numerator
Net income	$	57,705		$	27,870		$	86,577		$	22,117
Preferred stock dividends		(138	)		(138	)		(276	)		(276	)
Net income applicable to common stockholders	$	57,567		$	27,732		$	86,301		$	21,841
Denominator
Basic weighted average common shares		636,928			617,106			634,339			616,649
Dilutive units		2,811			5,100			2,652			3,710
Diluted weighted average common shares		639,739			622,206			636,991			620,359
Basic earnings per common share	$	0.09		$	0.04		$	0.14		$	0.04
Diluted earnings per common share	$	0.09		$	0.04		$	0.14		$	0.04