EARNINGS (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2025

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

9. EARNINGS (LOSS) PER SHARE:

Basic earnings (loss) per share are calculated by dividing net income (loss) by the weighted-average shares of common stock outstanding during the period. Diluted earnings per share are calculated by dividing net income (loss) by the weighted-average shares of common stock and dilutive common equivalent shares outstanding during the period. Dilutive common equivalent shares included in this calculation consist of the assumed vesting of outstanding restricted stock units, the assumed issuance of awards under the stock purchase plan and contingently issuable performance-based awards, as computed using the treasury stock method.

A summary of the earnings (loss) per share calculation is as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands, except per share amounts)	2025		2024		2025		2024
Basic earnings per share:
Net income (loss)	$	(1,356)	$	14,291	$	8,803	$	23,094
Weighted-average common shares		55,796		56,817		56,310		56,810
Basic earnings (loss) per share	$	(0.02)	$	0.25	$	0.16	$	0.41
Diluted earnings per share: (1)
Net income (loss)	$	(1,356)	$	14,291	$	8,803	$	23,094
Weighted-average common shares		55,796		56,817		56,310		56,810
Effect of dilutive awards:
Employee stock plans		—		187		276		296
Diluted weighted-average common shares		55,796		57,004		56,586		57,106
Diluted earnings (loss) per share	$	(0.02)	$	0.25	$	0.16	$	0.40

(1) The Company includes the shares underlying performance-based awards in the calculation of diluted earnings per share if the performance conditions have been satisfied as of the end of the reporting period and excludes such shares when the necessary conditions have not been met. The Company has excluded the shares underlying the outstanding performance-based awards in the 2025 and 2024 calculations as the shares were not contingently issuable as of the end of the reporting periods.

In the three months ended September 30, 2025, shares attributable to stock-based awards were excluded from the computation of diluted earnings per share, as the Company was in a net loss position.