Note 21—INCOME PER SHARE

Basic and diluted income per share was computed using the following common share data for the years ended December 31, 2024, 2023 and 2022, respectively:

 

 

 

For The Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Net income

 

$

9,734

 

 

$

14,948

 

 

$

35,194

 

Basic weighted-average shares outstanding

 

 

142,279,079

 

 

 

141,727,905

 

 

 

141,238,851

 

Dilutive effect of share-based awards

 

 

118,414

 

 

 

423,735

 

 

 

1,340,538

 

Diluted weighted-average shares outstanding

 

 

142,397,493

 

 

 

142,151,640

 

 

 

142,579,389

 

Basic income per share

 

$

0.07

 

 

$

0.11

 

 

$

0.25

 

Diluted income per share

 

$

0.07

 

 

$

0.11

 

 

$

0.25

 

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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.