NET INCOME PER COMMON SHARE (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Earnings Per Share, Basic and Diluted

The computation of basic and diluted net income per common share was as follows (dollars in thousands, except per share amounts):


	Three Months Ended March 31,
	2025		2024
Numerator:
Net income - basic	$	2,607	$	37,350
Add: Convertible Notes interest expense, net of tax(1)	—		1,551
Net income - diluted	$	2,607	$	38,901

Denominator:
Weighted average common shares outstanding - basic	5,633,810		5,618,745
Effect of dilutive equity-based compensation awards(2)	10,956		3,469
Effect of dilution from if-converted Convertible Notes(1) (3)	—		404,248
Weighted average common shares outstanding - diluted	5,644,766		6,026,462

Net Income per Common Share:
Basic	$	0.46	$	6.65
Diluted	$	0.46	$	6.46

Supplemental Net Income per Common Share Disclosure:
Anti-dilutive shares from equity-based compensation awards(2)	132,210		64,541

(1)The effect of the Convertible Notes on diluted earnings per share for the three months ended March 31, 2025 was anti-dilutive, and has thus been excluded from the computation.

(2)Equity-based compensation awards whose impact is considered to be anti-dilutive under the treasury stock method were excluded from the diluted net income per common share calculation.

(3)Based on a conversion rate of 0.4394 shares of common stock per weighted $1,000 principal amount of Convertible Notes outstanding for the three months ended March 31, 2024.