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Earnings Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic earnings per share excludes dilution and is computed by dividing net income applicable to common shares by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential impact of contingently issuable shares. The Company uses the treasury stock method as described by ASC 260 - Earnings Per Share for each dilutive instrument when computing diluted earnings per share.
The following shows the weighted average number of shares used in computing earnings per share and the effect of weighted average number of shares dilutive potential common stock. Dilutive potential common stock has no effect on income available to common shareholders.
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net income (loss) applicable to common shares (in thousands)$29,672 $(17,144)$56,648 $(11,932)
Weighted average number of shares14,998,857 12,174,169 14,987,732 9,803,684 
Options effect of dilutive shares24,950 — 33,497 — 
Weighted average dilutive shares15,023,807 12,174,169 15,021,229 9,803,684 
Basic earnings (loss) per common share$1.98 $(1.41)$3.78 $(1.22)
Diluted earnings (loss) per common share1.97 (1.41)3.77 (1.22)
For the three and six months ended June 30, 2024, the options effect of dilutive shares is anti-dilutive and not considered in calculating diluted EPS. Stock awards equivalent to 37,255 and 323,902 shares of common stock were not considered in computing diluted earnings per common share for the three months ended June 30, 2025, and June 30, 2024, respectively, because they are antidilutive. Stock awards equivalent to 44,598 and 329,572 shares of common stock were not considered in computing diluted earnings per share for the six months ended June 30, 2025 and June 30, 2024, respectively, because they are antidilutive.