Prior to the preferred stock conversion, we calculated basic and diluted earnings per common share (“EPS”) pursuant to the two-class method. The two-class method is an earnings allocation formula that determines EPS for common stock and participating securities according to dividend and participation rights in undistributed earnings. Under this method, all earnings, distributed and undistributed, are allocated to common shares and participating securities based on their respective rights to receive dividends. Dilutive potential common shares include outstanding stock options, unvested restricted share units and convertible preferred stock. As noted above in Note 15, no shares of the Series A Preferred Stock remain outstanding and all rights of the holders to receive future dividends have been terminated as of the December 18, 2023 conversion date.


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Basic earnings per common share:
Net income	$	10,663	$	4,985	$	44,262	$	23,161
Less: Preferred stock dividend declared	—		—		—		(1,097)
Net income available for distribution	10,663		4,985		44,262		22,064
Income allocated to participating securities	—		—		—		(2,855)
Net income available to common shareholders	$	10,663	$	4,985	$	44,262	$	19,209

Weighted average basic shares outstanding	54,412		53,805		54,260		47,956

Basic income per share	$	0.20	$	0.09	$	0.82	$	0.40


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Diluted earnings per common share:
Net income available to common shareholders	$	10,663	$	4,985	$	44,262	$	19,209

Weighted average basic shares outstanding	54,412		53,805		54,260		47,956
Dilutive effect related to employee stock plans	1,223		1,146		1,242		1,085
Weighted average diluted shares outstanding	55,635		54,951		55,502		49,041

Diluted income per common share	$	0.19	$	0.09	$	0.80	$	0.39

Anti-dilutive shares excluded:
Outstanding stock-based grants	3		3		1		2

Total anti-dilutive shares excluded	3		3		1		2