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Earnings Per Share | 6 Months Ended
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Jun. 30, 2025
Earnings Per Share [Abstract] |
Earnings Per Share | Note 11. Earnings Per Share Basic earnings per share (“EPS”), which excludes dilution, is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options or restricted stock awards, result in the issuance of common stock which shares in the earnings of the Company. A reconciliation of the numerators and denominators of the basic and diluted EPS computations is as follows:
Basic Earnings Per Share |  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
(In thousands, except share and per share amounts) |  | 2025 |  | 2024 | 2025 |  | 2024
Net income (loss) |  | $ | 7,832 |  |  | $ | (6,290) |  |  | $ | 16,125 |  |  | $ | (2,614) |
Weighted average shares outstanding |  | 18,987,217 |  |  | 18,814,020 |  |  | 18,960,670 |  |  | 15,282,274 |
Basic earnings (loss) per share |  | $ | 0.41 |  |  | $ | (0.33) |  |  | $ | 0.85 |  |  | $ | (0.17) |
Diluted Earnings Per Share |  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
(In thousands, except share and per share amounts) |  | 2025 |  | 2024 | 2025 |  | 2024
Net income (loss) |  | $ | 7,832 |  |  | $ | (6,290) |  |  | $ | 16,125 |  |  | $ | (2,614) |
Weighted average shares outstanding |  | 18,987,217 |  |  | 18,814,020 |  |  | 18,960,670 |  |  | 15,282,274 |
Effect of dilutive stock options and restricted stock |  | 55,533 |  |  | 123,016 |  |  | 67,755 |  |  | 87,254 |
Weighted average shares of common stock and common stock equivalents |  | 19,042,750 |  |  | 18,937,036 |  |  | 19,028,425 |  |  | 15,369,528 |
Diluted earnings (loss) per share |  | $ | 0.41 |  |  | $ | (0.33) |  |  | $ | 0.85 |  |  | $ | (0.17) |
Options to purchase 217,210 shares of common stock were outstanding as of June 30, 2025, compared to 385,445 outstanding as of June 30, 2024. There were 118,165 and 103,935 restricted stock awards unvested and outstanding at June 30, 2025 and 2024, respectively. For the three and six months ended June 30, 2025 and 2024, there were no anti-dilutive weighted average shares outstanding. Holders of unvested restricted stock accrue dividends at the same rate as common shareholders and they both share equally in undistributed earnings. Unvested restricted stock awards that are time-based contain non-forfeitable rights to dividends or dividend equivalents and are considered to be participating securities in the earnings per share computation using the two-class method. Under the two-class method, earnings are allocated to common shareholders and participating securities according to their respective rights to earnings. Holders of restricted stock awards receive non-forfeitable dividends at the same rate as common stockholders and they both share equally in undistributed earnings. Under the two-class method, the difference in EPS is not significant for these participating securities.

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