Earnings (Loss) Per Share
Earnings (loss) per share was calculated as follows:
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, |
| (In thousands, except per-share amounts) | 2025 | | 2024 | | 2023 |
| BASIC | | | | | |
| Net income (loss) | $ | (18,599) | | | $ | (24,029) | | | $ | (98,238) | |
| Weighted-average common shares outstanding | 13,172 | | | 12,959 | | | 12,855 | |
| Basic earnings (loss) per share | $ | (1.41) | | | $ | (1.85) | | | $ | (7.64) | |
| | | | | |
| DILUTED | | | | | |
| Net income (loss) | $ | (18,599) | | | $ | (24,029) | | | $ | (98,238) | |
| Weighted-average common shares outstanding for basic | 13,172 | | | 12,959 | | | 12,855 | |
| Dilutive effect of restricted stock, performance stock awards, stock options and common stock warrants | — | | | — | | | — | |
| Weighted-average common shares outstanding on a diluted basis | 13,172 | | | 12,959 | | | 12,855 | |
| Diluted earnings (loss) per share | $ | (1.41) | | | $ | (1.85) | | | $ | (7.64) | |
The following number of restricted stock awards, performance stock awards, stock options and common stock warrants were excluded from the computation of diluted earnings per common share as their inclusion would have been anti-dilutive:
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, |
| (In thousands) | 2025 | | 2024 | | 2023 |
| Restricted stock awards | 666 | | | 526 | | | 440 | |
| Performance stock awards | 20 | | | 104 | | | — | |
| Stock options | 366 | | | 796 | | | 900 | |
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.