Earnings per share
The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the years ended December 31, 2025 and 2024 (in thousands, except per share data).
Years Ended
December 31, 2025
December 31, 2024
Numerator:  
Net Income/(Loss)$48,668 $55,737 
Dividends on preferred stock21,242 19,353 
Net Income/(Loss) Available to Common Stockholders$27,426 $36,384 
Denominator:
Basic weighted average common shares outstanding30,542 29,487 
Dilutive effect of restricted stock units20 27 
Diluted weighted average common shares outstanding30,562 29,514 
Earnings/(Loss) Per Share
Basic$0.90 $1.23 
Diluted$0.90 $1.23 

Dividends

The following tables detail the Company's common stock dividends declared during the years ended December 31, 2025 and 2024.
Year Ended December 31, 2025
Year Ended December 31, 2024
Declaration DateRecord DatePayment DateCash Dividend Per ShareDeclaration DateRecord DatePayment DateCash Dividend Per Share
3/17/20253/31/20254/30/2025$0.20 3/15/20243/29/20244/30/2024$0.18 
6/17/20256/30/20257/31/20250.21 6/13/20246/28/20247/31/20240.19 
9/15/20259/30/202510/31/20250.21 9/16/20249/30/202410/31/20240.19 
12/15/202512/31/20251/30/20260.23 12/16/202412/31/20241/31/20250.19 
Total$0.85 Total$0.75 

The following tables detail the Company's preferred stock dividends declared and paid during the years ended December 31, 2025 and 2024.
2025Cash Dividend Per Share
Declaration DateRecord DatePayment Date
8.25% Series A
8.00% Series B
8.000% Series C
2/14/20252/28/20253/17/2025$0.51563 $0.50 $0.693062 
5/5/20255/30/20256/17/20250.51563 0.50 0.704864 
7/31/20258/29/20259/17/20250.51563 0.50 0.706042 
11/3/202511/28/202512/17/20250.51563 0.50 0.680181 
Total  $2.06252 $2.00 $2.784149 
2024  Cash Dividend Per Share
Declaration DateRecord DatePayment Date
8.25% Series A
8.00% Series B
8.000% Series C
2/16/20242/29/20243/18/2024$0.51563 $0.50 $0.50 
5/2/20245/31/20246/17/20240.51563 0.50 0.50 
8/1/20248/30/20249/17/20240.51563 0.50 0.50 
11/4/202411/29/202412/17/20240.51563 0.50 0.733117 
Total$2.06252 $2.00 $2.233117 
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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.