Below are the computations of basic and diluted earnings per share for the three months ended March 31, 2026 and 2025:


(In thousands, except per share amounts)	Three Months Ended March 31,
	2026			2025
Computation of Basic Earnings per Share
Net income (loss)	$	(41,406	)	$	19,711
Weighted-average number of common shares outstanding		22,888			22,867
Basic earnings per share	$	(1.81	)	$	0.86

Computation of Diluted Earnings per Share
Net income (loss)	$	(41,406	)	$	19,711
Weighted-average number of shares outstanding		22,888			22,867
Add weighted-average net shares from assumed exercise of options (under treasury stock method)(1)(2)		—			12
Add weighted-average net shares related to unvested stock awards (under treasury stock method) (2)		—			2
Add weighted-average net shares from assumed exercise of SARs (under treasury stock method)(1)(2)		—			9
Add weighted-average contingently issuable net shares related to performance stock awards (under treasury stock method) (2)		—			—
Weighted-average shares applicable to diluted earnings		22,888			22,890
Diluted earnings per share	$	(1.81	)	$	0.86

(1)

Options/SARs to acquire 1,213,923 shares of the Company's common stock were excluded from the computation of dilutive earnings per share for the three months ended March 31, 2025. The options/SARs' exercise prices were greater than the average market price for the Company's common stock and inclusion of the instruments would have had an antidilutive effect on the computations of the earnings per share.

(2)

For the three months ended March 31, 2026, potential common shares were excluded from the computation of diluted earnings per share because of their anti-dilutive effect due to the net loss for the quarter.