Basic earnings per share is calculated by dividing net income available for common stockholders by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share is calculated by dividing net income available for common stockholders by the weighted average number of shares of common stock outstanding, adjusted for the potentially dilutive effect of outstanding performance-based stock and restricted stock.

The following table provides the inputs to the calculations of basic and diluted earnings per common share (share amounts not in thousands):


	Three Months Ended
	March 28, 2026		March 29, 2025
Net loss	$	(81,530)	$	(31,952)
Net income attributable to redeemable noncontrolling interest	49		18
Net loss attributable to RYAM	(81,579)		(31,970)
Redeemable noncontrolling interest adjustment to redemption value	(473)		(408)


Net loss attributable to RYAM common stockholders	$	(82,052)	$	(32,378)

Weighted average shares used in determining earnings per share of common stock - basic and diluted	67,133,754		66,216,983

Anti-dilutive instruments excluded from the computation of diluted earnings per share included (not in thousands):

Three Months Ended

March 28, 2026

March 29, 2025

Performance-based and restricted stock units

3,121,951

2,847,462