EARNINGS PER SHARE

12 Months Ended

Dec. 31, 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 (loss) to net income (loss) used in calculating EPS as well as a reconciliation from basic to diluted shares follows:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Net income (loss) (numerator):
Net income (loss)	$	(41,391)	$	58,490	$	60,354
Income attributable to unvested shares	(475)		(714)		(632)
Numerator for basic	(41,866)		57,776		59,722
Income attributable to unvested shares	—		—		1
Numerator for dilutive	$	(41,866)	$	57,776	$	59,723

Weighted average shares (denominator):
Basic weighted average shares outstanding	104,055		103,669		106,376
Effect of dilutive securities	—		78		179
Diluted weighted average shares outstanding	104,055		103,747		106,555
Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be antidilutive	3,608		516		385