The calculation of basic and diluted earnings (loss) per share for each period presented was as follows (dollars and shares in thousands, except per share amounts):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Net income (loss)	$	7,700	$	(6,696)	$	8,822	$	(17,011)



Weighted average shares outstanding - basic	12,350		12,330		12,327		12,266
Dilutive effect of stock options and restricted stock	204		—		215		—

Weighted average shares outstanding - diluted	12,554		12,330		12,542		12,266

Earnings (loss) per share
Basic	$	0.62	$	(0.54)	$	0.72	$	(1.39)
Diluted	$	0.61	$	(0.54)	$	0.70	$	(1.39)

For the three and six months ended June 30, 2025, the diluted earnings per share excludes approximately 28 thousand and 19 thousand shares, respectively, because they were anti-dilutive. For the three and six months ended June 30, 2024, we excluded all potentially dilutive stock options and restricted stock in calculating diluted earnings per share as the effect was anti-dilutive due to net losses incurred for these periods. Diluted earnings per share was calculated using treasury stock method for the stock options and restricted stock.