| Earnings per Share (“EPS”) |
Earnings per Share (“EPS”) In the calculations of basic and diluted earnings per common share for the three and six months ended June 30, 2025 and 2024, the Company included participating securities, which are certain equity awards that have non-forfeitable dividend participation rights. Dividends and undistributed earnings allocated to participating securities under the basic and diluted earnings per share calculations require specific shares to be included that may differ in certain circumstances. The following table sets forth the calculation of basic and diluted earnings per share for the three months ended June 30, 2025 and 2024:
| | | | | | | | | | | | | | | | | June 30, 2025 | | June 30, 2024 | | | (in thousands, except share and per share data) | | Basic Earnings (Loss) per Common Share: | | | | | | Net income (loss) to common stockholders | | $ | 767 | | | $ | (273) | | | Dividends allocated to participating securities | | (38) | | | (29) | | | Net income (loss) to common stockholders - basic | | $ | 729 | | | $ | (302) | | | Basic weighted average common shares outstanding | | 23,524,735 | | | 24,810,021 | | | Basic earnings (loss) per common share | | $ | 0.03 | | | $ | (0.01) | | | | | | | | Diluted Earnings (Loss) per Common Share: | | | | | | Net income (loss) to common stockholders - basic | | $ | 767 | | | $ | (273) | | | Dividends allocated to participating securities | | (38) | | | (29) | | | Net income (loss) to common stockholders - diluted | | $ | 729 | | | $ | (302) | | | Basic weighted average common shares outstanding | | 23,524,735 | | | 24,810,021 | | | Net effect of dilutive equity awards | | 263,088 | | | — | | | Diluted weighted average common shares outstanding | | 23,787,823 | | | 24,810,021 | | | Diluted earnings (loss) per common share | | $ | 0.03 | | | $ | (0.01) | |
The following table sets forth the calculation of basic and diluted earnings per share for the six months ended June 30, 2025 and 2024:
| | | | | | | | | | | | | | | | | June 30, 2025 | | June 30, 2024 | | | (in thousands, except share and per share data) | | Basic Earnings (Loss) per Common Share: | | | | | | Net income (loss) to common stockholders | | $ | 21,298 | | | $ | 12,601 | | | Dividends allocated to participating securities | | (72) | | | (54) | | | Net income (loss) to common stockholders - basic | | $ | 21,226 | | | $ | 12,547 | | | Basic weighted average common shares outstanding | | 23,460,798 | | | 24,792,918 | | | Basic earnings (loss) per common share | | $ | 0.90 | | | $ | 0.51 | | | | | | | | Diluted Earnings (Loss) per Common Share: | | | | | | Net income (loss) to common stockholders - basic | | $ | 21,298 | | | $ | 12,601 | | | Dividends allocated to participating securities | | (72) | | | (54) | | | Net income (loss) to common stockholders - diluted | | $ | 21,226 | | | $ | 12,547 | | | Basic weighted average common shares outstanding | | 23,460,798 | | | 24,792,918 | | | Net effect of dilutive equity awards | | 258,852 | | | 180,583 | | | Diluted weighted average common shares outstanding | | 23,719,650 | | | 24,973,501 | | | Diluted earnings (loss) per common share | | $ | 0.89 | | | $ | 0.50 | |
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