In the calculations of basic and diluted earnings per common share for the three months ended March 31, 2026 and 2025, 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.


	March 31, 2026		March 31, 2025
	(in thousands, except share and per share data)
Basic Earnings (Loss) per Common Share:
Net income (loss) to common stockholders	$	(7,379)	$	20,531
Dividends allocated to participating securities	(50)		(33)
Net income (loss) to common stockholders - basic	$	(7,429)	$	20,498
Basic weighted average common shares outstanding	24,757,346		23,396,151
Basic earnings (loss) per common share	$	(0.30)	$	0.88

Diluted Earnings (Loss) per Common Share:
Net income (loss) to common stockholders - basic	$	(7,379)	$	20,531
Dividends allocated to participating securities	(50)		(33)
Net income (loss) to common stockholders - diluted	$	(7,429)	$	20,498
Basic weighted average common shares outstanding	24,757,346		23,396,151
Net effect of dilutive equity awards	—		248,447
Diluted weighted average common shares outstanding	24,757,346		23,644,598
Diluted earnings (loss) per common share	$	(0.30)	$	0.87

The Company’s potential dilutive securities, which include restricted stock awards and performance-based restricted stock unit awards have been excluded from the computation of diluted net loss per share for the three months ended March 31, 2026, as they are anti-dilutive and the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded 447,404 potential common share equivalents presented based on amounts outstanding, from the computation of diluted net loss per share attributable to common stockholders for the three months ended March 31, 2026 because including them would have had an anti-dilutive effect.