Basic earnings per share is computed using the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed using the weighted-average number of common shares outstanding for the period plus dilutive potential common shares, including performance share awards, using the treasury stock method. Performance share awards are included based on the number of shares that would be issued as if the end of the reporting period was the end of the performance period and the result was dilutive.

The following table sets forth the computation of the Company’s basic and diluted earnings per share for the three months ended March 31, 2025 and 2024 (in thousands except share and per share data):


	Three months ended March 31,
	2025			2024
Numerator:
Net income	$	(1,669	)	$	3,126
Less: Redeemable Convertible Preferred Stock dividends		—			—
Net income attributable to common shareholders — basic	$	(1,669	)	$	3,126
Add: Redeemable Convertible Preferred Stock dividends		—			—
Net income attributable to common shareholders — diluted	$	(1,669	)	$	3,126
Denominator
Weighted-average common shares used in computing earnings per share — basic		35,592,737			29,768,568
Weighted-average effect of potentially dilutive securities:
Effect of potentially dilutive time-based stock options		—			—
Effect of potentially dilutive performance-based stock options		—			—
Effect of potentially dilutive restricted stock units		—			—
Weighted-average common shares outstanding — diluted		35,592,737			29,768,568
Earnings per share — basic	$	(0.05	)	$	0.11
Earnings per share — diluted	$	(0.05	)	$	0.11

As of March 31, 2025 and March 31, 2024, the Company’s potentially dilutive securities consisted of options to purchase common stock. Based on the amounts outstanding for the three months ended March 31, 2025 and 2024, the Company excluded the following potential common shares from the computation of diluted earnings per share because including them would have had an anti-dilutive effect. The options excluded from the diluted earnings per share calculations were as follows:


	Three months ended March 31,
	2025		2024
Time-based options outstanding		4,396,855		4,427,659
Performance-based options outstanding		534,063		534,063
Total		4,930,918		4,961,722

NOTE 16 – EARNINGS PER SHARE