Note 5 - Earnings Per Common Share

9 Months Ended

Sep. 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 presented.

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Numerator
Net income	$	100,726		$	1,761		$	187,303		$	23,878
Preferred stock dividends		(138	)		(138	)		(414	)		(414	)
Net income applicable to common stockholders	$	100,588		$	1,623		$	186,889		$	23,464
Denominator
Basic weighted average common shares		669,194			621,921			646,312			618,419
Dilutive units		2,744			3,818			3,221			3,373
Diluted weighted average common shares		671,938			625,739			649,533			621,792
Basic earnings per common share	$	0.15		$	—		$	0.29		$	0.04
Diluted earnings per common share	$	0.15		$	—		$	0.29		$	0.04