Basic earnings per share are computed by dividing net income by the weighted average number of shares of the Company’s Common Stock, no par value (“Common Stock”), outstanding during the period. The Company’s diluted earnings per share give effect to all potential shares of Common Stock outstanding during a period that do not have an anti-dilutive impact to the calculation. There were no potential shares with an anti-dilutive impact during the three and six months ended June 30, 2025. In computing the diluted earnings per share, the treasury stock method is used in determining the number of shares assumed to be issued from the exercise of Common Stock equivalents.

The following table illustrates earnings per share and the weighted average shares outstanding used in calculating basic and diluted earnings per share:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income	$	477	$	18,876	$	349	$	33,661

Basic weighted average shares of Common Stock outstanding		30,600,168		31,534,382		30,687,384		31,538,802
Dilutive effect of restricted stock, restricted stock units and performance stock units		51,560		175,119		94,084		175,623
Diluted weighted average shares of Common Stock outstanding		30,651,728		31,709,501		30,781,468		31,714,425

Basic earnings per share	$	0.02	$	0.60	$	0.01	$	1.07
Diluted earnings per share	$	0.02	$	0.60	$	0.01	$	1.06