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Note 3 - Earnings Per Common Share

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 3. Earnings per Common Share

Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) No. 260-10-45 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the earnings allocation in computing earnings per share (“EPS”). The restricted stock awards granted by the Company contain non-forfeitable rights to dividends and therefore are considered participating securities. The two-class method for calculating basic EPS excludes dividends paid to participating securities and any undistributed earnings attributable to participating securities.

Earnings per common share have been computed based on the following:

		Three Months Ended								Six Months Ended
		June 30,								June 30,
(dollars in thousands, except for per share data)		2025				2024				2025				2024
Net loss income available to common stockholders		$	(21,802	)		$	17,547			$	(3,069	)		$	33,243
Earnings allocated to participating securities			53				(46	)			8				(89	)
(Loss) income attributable to common stock		$	(21,749	)		$	17,501			$	(3,061	)		$	33,154
Weighted average common shares outstanding, including participating securities			42,100				38,421				40,252				38,383
Weighted average participating securities			(102	)			(101	)			(102	)			(103	)
Weighted average common shares outstanding			41,998				38,320				40,150				38,280
Incremental shares from assumed conversions of options, performance units and restricted shares			175				129				220				173
Weighted average common and equivalent shares outstanding			42,173				38,449				40,370				38,453
Earnings per common share:
Basic		$	(0.52	)		$	0.46			$	(0.08	)		$	0.87
Diluted			(0.52	)			0.46				(0.08	)			0.86

There were no antidilutive share equivalents during the six months ended June 30, 2025 and  June 30, 2024.

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- References

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/260/tableOfContent

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-3

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