Basic earnings per share is calculated by dividing net income for the period by the weighted-average number of common shares outstanding for the period. In computing dilutive earnings per share, basic earnings per share is adjusted for the assumed issuance of all applicable potentially dilutive share-based awards, including common stock options, RSUs, RSAs and PSUs. Shares of treasury stock are not considered outstanding and therefore are excluded from the weighted-average number of common shares outstanding calculation.

Below are basic and diluted earnings per share for the periods indicated (in thousands, except for share data):


	Three Months Ended March 31,
		2026		2025

Net income		$	511	$	7,769

Shares:
Weighted-average common shares outstanding – basic		29,858,890		30,587,949
Effect of dilutive securities
RSUs		179,418		97,342
Stock options		31,942		44,316
RSAs		51,730		53,495
PSUs		260,837		48,531
Weighted-average common shares outstanding – diluted		30,382,817		30,831,633

Earnings per common share – basic		$	0.02	$	0.25
Earnings per common share – diluted		$	0.02	$	0.25

As of March 31, 2026, there were approximately 382.3 thousand RSUs and 339.9 thousand RSAs excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive.

As of March 31, 2025, there were approximately 300.3 thousand RSUs and 168.0 thousand RSAs excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive.