Earnings (Loss) Per Share
The reconciliation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in thousands, except per share amounts):
Year ended December 31,
20252024
Net loss$(9,660)$(135,326)
Basic - weighted average shares outstanding11,883 12,299 
Dilutive effect of stock options and restricted shares— — 
Diluted - weighted average shares outstanding11,883 12,299 
Loss per share
Basic$(0.81)$(11.00)
Diluted$(0.81)$(11.00)
For the year ended December 31, 2025, we excluded approximately 828 thousand shares of potentially dilutive restricted shares and stock options in calculating diluted earnings per share as the effect was anti-dilutive due to net losses incurred for the period. Diluted earnings per share was calculated using treasury stock method for the restricted shares and stock options.

Historical Timeline

Fiscal YearFiled
2025Feb 27, 2026Showing above
2024Mar 3, 2025
2023Mar 5, 2024
2022Feb 28, 2023
2021Mar 4, 2022
2020Mar 2, 2021
2019Feb 25, 2020
2018Feb 28, 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.