Basic earnings (loss) per share (“EPS”) is computed based on the weighted average number of common shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution resulting from the impact of common shares issuable upon the exercise of stock options, non-vested performance share units, non-vested restricted stock units, non-vested restricted stock, and conversion of preferred stock. In loss periods, the impact of common shares issuable upon the exercises of stock options, non-vested performance share units, non-vested restricted stock units, non-vested restricted stock, and conversion of preferred stock are excluded from the calculation of diluted loss per share, as the inclusion of common shares issuable upon the exercise of stock options, non-vested performance share units, non-vested restricted stock units, non-vested restricted stocks, and conversion of preferred stock would have an anti-dilutive effect.

The following table reconciles the numerator (i.e., income) and denominator (i.e., shares) of the basic and diluted earnings (loss) per share computations for the periods presented (in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator for EPS:
Net income (loss)	$	35,093	$	35,416	$	76,532	$	69,073
Less: Preferred stock dividends	(2)		(2)		(5)		(5)
Income (loss) available to common stockholders	$	35,091	$	35,414	$	76,527	$	69,068
Denominator for EPS:
Weighted average common shares outstanding	27,972		28,600		28,066		28,734
Plus: Assumed conversion of share-based compensation (1)	1,075		683		886		610
Assumed conversion of preferred stock	25		25		25		25
Weighted average diluted common shares outstanding	29,072		29,308		28,977		29,369
Basic earnings (loss) per common share	$	1.25	$	1.24	$	2.73	$	2.40
Diluted earnings (loss) per common share	$	1.21	$	1.21	$	2.64	$	2.35


(1)						Represents the dilutive effect of common shares issuable upon the exercise of stock options, non-vested performance share units, non-vested restricted stock units and non-vested restricted stock.