(Loss) Earnings Per Common Share

12 Months Ended

Dec. 31, 2024

(18.) (LOSS) EARNINGS PER COMMON SHARE

The following table presents a reconciliation of earnings and shares used in calculating basic and diluted EPS for each of the years ended December 31 (in thousands, except per share amounts). All outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends are considered participating securities.


	2024			2023			2022
Net (loss) income available to common shareholders	$	(43,105	)	$	48,805		$	55,114
Weighted average common shares outstanding:
Total shares issued		16,338			16,100			16,100
Unvested restricted stock awards		(10	)		(8	)		(5	)
Treasury shares		(645	)		(716	)		(711	)
Total basic weighted average common shares outstanding		15,683			15,376			15,384
Incremental shares from assumed:
Vesting of restricted stock awards		-			99			87
Total diluted weighted average common shares outstanding		15,683			15,475			15,471

Basic (loss) earnings per common share	$	(2.75	)	$	3.17		$	3.58
Diluted (loss) earnings per common share	$	(2.75	)	$	3.15		$	3.56

On December 13, 2024, the Company completed an underwritten public offering of 4,600,000 common shares at $25.00 per share. The Company’s basic weighted average common shares outstanding for the year ended December 31, 2024 included weighted average shares of 238,798 as a result of the public offering.

For the year ended December 31, 2024, basic loss per common share was the same as diluted loss per common share because all potentially dilutive securities were anti-dilutive due to the net loss for the period.

For each of the periods presented, average shares subject to the following instruments were excluded from the computation of diluted EPS because the effect would be antidilutive (in thousands):


	2024		2023		2022
Restricted stock awards		296		-		-

There were no participating securities outstanding for the years ended December 31, 2024, 2023 and 2022. Therefore, the two-class method of calculating basic and diluted EPS was not applicable for the years presented.