Net Income Per Share:

6 Months Ended

Jun. 30, 2025

Net Income (Loss) Per Share

Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period plus dilutive securities. Dilutive securities include outstanding common stock options and unvested restricted stock units, less the number of shares that could have been purchased with the proceeds from the exercise of the options, using the treasury stock method. Options and restricted stock units that are anti-dilutive are not included in the treasury stock method calculation. A net loss for the three and six months ended June 30, 2024 causes all of the potentially dilutive common shares to be antidilutive and, accordingly, they were not included in the computation of diluted earnings per share, and basic and diluted net loss per share are equal for each of these periods.

The following table presents the calculation of net earnings per common share (“EPS”) — basic and diluted (in thousands, except per share data):


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Net income (loss)	$	35,338	$	(21,406)	$	19,862	$	(60,877)

Weighted-average number of common shares outstanding (basic)	24,645		24,393		24,593		24,295
Dilutive securities(1)	63		—		153		—
Weighted-average common and common equivalent shares outstanding (diluted)	24,708		24,393		24,746		24,295
EPS — basic	$	1.43	$	(0.88)	0.81		$	(2.51)
EPS — diluted	$	1.43	$	(0.88)	0.80		$	(2.51)

Total anti-dilutive stock options and restricted stock awards	65		216		40		202

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(1) Due to the net loss for the three and six months ended June 30, 2024, there are no potentially dilutive common shares included in the computation of diluted earnings per share.