| Schedule of Calculation of Basic Earnings Per Share |
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 | |
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