Net Income (Loss) per Common Share

3 Months Ended

Mar. 31, 2026

Note 9 – Net Income (Loss) per Common Share

The table below displays the calculation of net income (loss) per common share.


	For the Three Months Ended March 31,
(dollars and shares in thousands, except per share data)		2026		2025
Basic:
Net income (loss)		$	14,718	$	1,675
Average common shares outstanding		30,422		30,275
Basic net income (loss) per common share		$	0.48	$	0.06

Diluted:
Net income (loss)		$	14,718	$	1,675
Average common shares outstanding		30,422		30,275
Adjustment for common share equivalents		118		129
Average common shares outstanding-diluted		30,540		30,404
Diluted net income (loss) per common share (1)		$	0.48	$	0.06

Anti-dilutive shares		39		136

(1) For any periods ending with a net loss, anti-dilutive financial instruments are excluded from the calculation of GAAP diluted earnings per share.

Basic net income (loss) per share is computed by dividing income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the net income (loss) of the Company. The computation of diluted per share does not assume conversion or exercise of securities that would have an anti-dilutive effect on net income (loss) per share.

Securities issued by the Company that could potentially dilute net income (loss) per share in future periods include stock options and restricted stock. To calculate diluted net income (loss) per share, the Company utilizes the treasury stock method which results in only an incremental number of shares added to shares outstanding during the period.