Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period.

For periods of net income, and when the effects are not anti-dilutive, diluted earnings per share is calculated by dividing net income available to common stockholders by the weighted-average number of shares outstanding plus the impact of all potential dilutive common shares, consisting primarily of common stock options, shares to be purchased under the 2016 Employee Stock Purchase Plan (“ESPP”), and performance stock units, using the more dilutive of the treasury stock or the two-class method. For periods of net loss, diluted loss per share is calculated similarly to basic loss per share.

Unvested restricted shares and Series A convertible preferred stock shares contain non-forfeitable rights to dividends, and therefore are considered to be participating securities; in periods of net income, the calculation of basic and diluted earnings (loss) per share excludes from the numerator net income (but not net loss) attributable to the unvested restricted shares and the common shares assumed converted from the preferred shares and excludes the impact of those shares from the denominator. The Company’s participating securities do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders.

Earnings per share for the three months ended March 31, 2025 and 2024 are calculated for basic and diluted earnings per share as follows:


	Basic				Diluted
(in thousands, except per share amounts)	Three Months Ended March 31,				Three Months Ended March 31,
	2025		2024		2025		2024
Net income available to common shareholders	$	15,275	$	17,801	$	15,275	$	17,801
Earnings allocated to participating securities	(1,564)		(1,805)		(1,533)		(1,778)
Net income available to common shareholders	$	13,711	$	15,996	$	13,742	$	16,023
Basic Weighted-Average Shares Outstanding	19,607		19,099		19,607		19,099
Dilutive effect of common stock options, ESPP, and performance stock units					439		323
Diluted Weighted-Average Shares Outstanding					20,046		19,422

Earnings per share	$	0.70	$	0.84	$	0.69	$	0.82

The number of anti-dilutive, which have been excluded from the computation of diluted earnings (loss) per share were 2.4 million and 2.3 million for the three months ended March 31, 2025 and 2024, respectively, because including them would have been anti-dilutive.