EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted income per share, including a reconciliation of net income and the number of shares used in computing basic and diluted income per share. Basic income per share is determined using the weighted average shares of common stock (including DSUs) outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock (including DSUs) outstanding during the period, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible. There were no potentially dilutive securities outstanding during the years ended December 31, 2025, 2024 and 2023.
 
 Year Ended December 31,
(Amounts in thousands, except share and per share amounts)202520242023
Net income$28,224 $43,444 $102,413 
Weighted average shares outstanding – basic and diluted5,135,020 5,132,418 5,129,330 
Net income per common share – basic and diluted$5.50 $8.46 $19.97 

Historical Timeline

Fiscal YearFiled
2025Feb 9, 2026Showing above
2024Feb 10, 2025
2023Feb 12, 2024
2022Feb 13, 2023
2021Feb 14, 2022
2020Feb 16, 2021
2019Feb 18, 2020
2018Feb 11, 2019
2017Feb 12, 2018
2016Feb 13, 2017
2015Feb 16, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.