Basic earnings per share is calculated using the two-class method, which is net income (loss) available to common shareholders divided by the weighted average number of common shares outstanding during the period, excluding participating securities. All outstanding unvested share-based payment awards, including those related to directors' and employee stock awards, contain rights to non-forfeitable dividends and are considered participating securities for this calculation. Restricted stock awards are grants of participating securities and are considered outstanding at grant date. There were no dilutive securities issuable or outstanding for the three and six month periods ended June 30, 2025 and 2024, respectively.

The calculation of basic earnings per share for the three and six month periods ended June 30, 2025 and 2024 is shown below (in thousands, except share and per share data):


	For the Three Months Ended				For the Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Net income (loss)	$	(6,452)	$	4,987	$	(429)	$	12,037
(Less) allocation of earnings & dividends to participating securities	96		(65)		6		(158)
Net income (loss) available to common shareholders	$	(6,356)	$	4,922	$	(423)	$	11,879

Weighted average common shares outstanding	4,808,078		4,769,647		4,798,462		4,766,629
(Less) participating securities	(71,689)		(62,178)		(64,817)		(62,243)
Weighted average number of shares outstanding used in the calculation of basic earnings per share	4,736,389		4,707,469		4,733,645		4,704,386
Basic earnings (loss) per common share	$	(1.35)	$	1.05	$	(0.09)	$	2.53