Note 13 – Net Income (Loss) per Common Share
The table below displays the calculation of net income (loss) per common share.
For the Year Ended December 31,
(dollars and shares in thousands, except per share data)202520242023
Basic:      
Net income (loss)$(138,052)$(47,035)$100,534 
Average common shares outstanding30,347 30,157 30,346 
Basic net income (loss) per common share$(4.55)$(1.56)$3.31 
Diluted:
Net income (loss)$(138,052)$(47,035)$100,534 
Average common shares outstanding30,347 30,157 30,346 
Adjustment for common share equivalents— — 47 
Average common shares outstanding-diluted30,347 30,157 30,393 
Diluted net income (loss) per common share (1)
$(4.55)$(1.56)$3.31 
Anti-dilutive shares282 75 
(1)     For periods ended with a net loss, anti-dilutive financial instruments have been excluded from the calculation of GAAP diluted earnings per share.
Basic net income (loss) per share is computed by dividing income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the net income (loss) of the Company. The computation of diluted per share does not assume conversion or exercise of securities that would have an anti-dilutive effect on net income (loss) per share.
Securities issued by the Company that could potentially dilute net income (loss) per share in future periods include stock options and restricted stock. To calculate diluted net income (loss) per share, the Company utilizes the Treasury Stock method which results in only an incremental number of shares added to shares outstanding during the period.

Historical Timeline

Fiscal YearFiled
2025Mar 9, 2026Showing above
2024Feb 27, 2025
2023Feb 29, 2024
2022Mar 1, 2023
2021Mar 1, 2022
2020Mar 1, 2021
2019Mar 2, 2020
2018Mar 1, 2019

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.