EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2025

Basic earnings per share (“EPS”) is calculated using the average number of shares of common stock outstanding during each period. For the calculation of diluted shares, the Company assumes that restricted stock is outstanding on the date of vesting, and the Company assumes the issuance of shares from the exercise of stock options using the treasury stock method.

A reconciliation of reported net income to net income used in calculating EPS as well as a reconciliation from basic to diluted shares follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)
Net income (numerator):
Net income	$	8,380	$	28,151	$	16,111	$	35,837
Income attributable to unvested shares	(100)		(307)		(197)		(368)
Numerator for basic	8,280		27,844		15,914		35,469
Loss attributable to unvested shares	—		—		—		—
Numerator for dilutive	$	8,280	$	27,844	$	15,914	$	35,469

Weighted average shares (denominator):
Basic weighted average shares outstanding	103,936		103,528		103,848		103,594
Effect of dilutive securities	22		148		24		83
Diluted weighted average shares outstanding	103,958		103,676		103,872		103,677
Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be antidilutive	1,312		281		1,321		506