Basic net income (loss) per common share is based on the weighted average number of common shares outstanding during the three months ended March 31, 2026 and 2025. Diluted net income (loss) per common share includes the effect of potential common shares, if dilutive.

For the three months ended March 31, 2026, the change in accounting estimate related to vessel depreciation increased depreciation expense and reduced basic and diluted net income per common share by approximately $0.03.

For the three months ended March 31, 2026, approximately 480,000 shares of restricted stock awards were excluded from the calculation of diluted net income per common share because their effect would have been anti-dilutive.

For the three months ended March 31, 2025, the Company reported a net loss of approximately $2.0 million. Accordingly, all potential common shares were anti-dilutive, and diluted net loss per common share is equal to basic net loss per common share for that period.

The following table summarizes the calculation of basic and diluted income per share:


	Three Months Ended March 31,
	2026		2025
Net income (loss)	$	13,294	$	(1,981)
Weighted Average Shares - Basic	64,193,205		63,851,090
Dilutive effect of restricted stock awards	582,358		—
Weighted Average Shares - Diluted	64,775,563		63,851,090
Basic net income (loss) per share	$	0.21	$	(0.03)
Diluted net income (loss) per share	$	0.21	$	(0.03)