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Earnings (Loss) Per Share and Certain Related Information | 12 Months Ended
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Dec. 31, 2024
Earnings Per Share [Abstract] |
Earnings (Loss) Per Share and Certain Related Information | Earnings (Loss) Per Share and Certain Related Information Basic earnings (loss) per share is calculated by dividing net income (loss) attributable to the Company available to common stockholders by the weighted average number of common shares outstanding for the years ended December 31, 2024 and 2023. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were either exercised or converted into common stock or resulted in the issuance of common stock that would share in the earnings of the Company. The dilutive effect of options is reflected in diluted earnings per share by application of the treasury stock method. The dilutive effect of performance based restricted stock units, which are considered contingently issuable shares, is reflected in diluted earnings per share by application of the treasury stock method. The dilutive effect of shares to be purchased under the Company’s Employee Stock Purchase Plan is reflected in diluted earnings per share by the weighted-average number of shares outstanding that would have been outstanding during the period. The dilutive effect of convertible debt is reflected in diluted earnings per share by application of the if-converted method. The Company uses the two-class method to determine earnings per share. For calculating basic earnings per share, for the year ended December 31, 2024, the weighted average number of shares outstanding exclude 1,290,426 non-vested restricted shares and 2,963 unexercised substantive options. The computation of diluted loss per share for the year ended December 31, 2024 did not assume the effect of restricted shares or substantive options because the effects were antidilutive. For calculating basic loss per share, for the year ended December 31, 2023, the weighted average number of shares outstanding exclude 1,796,615 non-vested restricted shares and 7,900 unexercised substantive options. The computation of diluted loss per share for the year ended December 31, 2023 did not assume the effect to all potential dilutive common stock equivalents outstanding for the period. The following table represents a reconciliation of the net income and weighted average shares outstanding for the calculation of basic and diluted earnings (loss) per share for the years ended December 31, 2024 and 2023 (in thousands, except share data):
| For the Year Ended December 31,
| 2024 |  | 2023
Numerator |  |  |
Net income (loss) | $ | 3,034 |  |  | $ | (6,624) |
Earnings allocated to non-vested shares | 230 |  |  | – |
Subtotal | $ | 2,804 |  |  | $ | (6,624) |
Denominator |  |  |
Weighted average common shares outstanding | 15,754,344 |  | 12,490,914
Effect of dilutive nominal options | – |  | –
Effect of dilutive contingently earned shares | 377,679 |  | –
Dilutive average shares outstanding | 16,132,023 |  | 12,490,914
Basic earnings (loss) per share | $ | 0.18 |  |  | $ | (0.53) |
Dilutive earnings (loss) per share | $ | 0.17 |  |  | $ | (0.53) |
Share Repurchases On August 15, 2024, the board of directors authorized a $25 million share repurchase program under which the Company may repurchase up to $25 million of our common stock. On November 29, 2024, the board of directors authorized an increase to this repurchase authorization from $25 million to $35 million (collectively referred to as the "2024 Repurchase Authorization"). The authorization is effective through July 31, 2025. The execution of the repurchase program is expected to be consistent with the Company’s strategic initiatives which prioritize investments in organic and acquisitive growth. The timing and amount of any share repurchases will be determined by management at its discretion based on several factors including share price, market conditions and capital allocation priorities. Shares may be repurchased from time to time through open market purchases, in privately negotiated transactions or by other means, including the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, in accordance with applicable securities laws and other restrictions. The share repurchase program does not obligate Bowman to acquire a specific number of shares of common stock and may be suspended, modified, or discontinued at any time without notice. Through December 31, 2024, the Company repurchased 958,013 shares of common stock at an average price of $24.37, and has $11.7 million remaining under the 2024 Repurchase Authorization.

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