INCOME PER COMMON SHARE
The following table sets forth the computation of basic and diluted income per common share. Net income (loss) available to common stockholders excludes dividends paid on participating securities which include restricted stock and time-based RSUs. Dividends accrue but are not paid on unvested performance-based RSUs.

Year Ended December 31,
(Dollars and shares in thousands, except per share data)202520242023
Net income (loss)$5,102 $(3,181)$7,714 
     Participating securities' share in earnings(3,022)(2,795)(2,619)
Net income (loss), less participating securities' share in earnings$2,080 $(5,976)$5,095 
Weighted Average Common Shares Outstanding
Weighted average common shares outstanding
28,39827,99326,649
Unvested restricted shares
(1,541)(1,463)(1,447)
Weighted average common shares outstanding–Basic
26,85726,53025,202
Weighted average common shares–Basic
26,85726,53025,202
Dilutive potential common shares (1)
Weighted average common shares outstanding –Diluted
26,85726,53025,202
Basic Income (Loss) per Common Share$0.08 $(0.23)$0.20 
Diluted Income (Loss) per Common Share$0.08 $(0.23)$0.20 
_______________
(1) For the year ended December 31, 2025, 48,779 shares issuable upon vesting of the performance-based restricted stock units granted to certain employees during 2025 and 2024 were not included in dilutive securities as the performance thresholds for vesting of these units were not met as measured as of December 31,2025 and/or because the effect would have been anti-dilutive. For the year ended December 31, 2024, 77,136 shares issuable upon vesting of the performance-based restricted stock units granted to certain employees during 2024 were not included in dilutive securities as the performance thresholds for vesting of these units were not met as measured as of December 31,2024 and because the effect would have been anti-dilutive due to the loss from continuing operations for the year ended December 31, 2024. The Company had no other potentially dilutive securities for the years ended December 31, 2025, 2024, or 2023.

Historical Timeline

Fiscal YearFiled
2025Feb 17, 2026Showing above
2024Feb 18, 2025
2023Feb 13, 2024
2022Feb 14, 2023

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.