Net (Loss) Income per Common Share

3 Months Ended

Mar. 31, 2025

Net (Loss) Income per Common Share [Abstract]

Note 5 – Net (Loss) Income per Common Share

Basic net (loss) income per common share is computed by dividing net income less dividends on preferred stock by the weighted average number of shares of common stock outstanding. The diluted net income per common share is computed by adjusting the weighted average number of shares of common stock outstanding to include the effects of outstanding stock options, if dilutive, using the treasury stock method. Dilution is not applicable in periods of net loss. For the three months ended March 31, 2025, 2024 and 2023, the difference in the weighted average number of basic and diluted common shares was due solely to the effects of outstanding stock options. There were 950,000 and 508,000 outstanding options considered to be anti-dilutive for the three months ended March 31, 2025 and 2024, respectively. There were no outstanding options considered to be anti-dilutive for the three months ended March 31, 2023.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations:



	For the Three Months Ended March 31,
	2025					2024					2023
		Income	Shares		Per Share		Income	Shares		Per Share		Income	Shares		Per Share
		(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount
	(In Thousands, except per share data)
Net (loss) income available to common stockholders	$	(8,806)				$	5,432				$	7,933

Basic earnings per share:
(Loss) income available to common stockholders	$	(8,806)	17,113	$	(0.51)	$	5,432	16,930	$	0.32	$	7,933	16,949	$	0.47

Effect of dilutive securities:
Stock options		-	-				-	9				-	259

Diluted earnings per share:
(Loss) income available to common stockholders	$	(8,806)	17,113	$	(0.51)	$	5,432	16,939	$	0.32	$	7,933	17,208	$	0.46