Basic earnings per common share (“EPS”) is generally calculated as income available to common shareholders divided by the weighted average number of common shares outstanding. Diluted EPS is generally calculated as income available to common shareholders divided by the weighted average number of common shares outstanding plus the dilutive effect of common share equivalents. Stock-based compensation awards that are out-of-the-money and stock options and restricted stock units in which the market-based performance criteria have not been met as of the end of the respective reporting period are omitted from the calculation of Diluted EPS.

The following table sets forth the computations of basic and diluted net income (loss) per share for the three months ended March 31, 2026 and 2025 (in thousands, except per share data):


	Three Months Ended March 31,
		2026		2025

Numerator:
Net income (loss)		$	2,957	$	(1,511)
Net income from non-controlling interest		183		471
Net income (loss) attributable to controlling interest		$	2,774	$	(1,982)






Denominator:
Weighted average shares of common stock outstanding		16,800		15,887
Effect of dilutive common stock equivalents		920		—
Weighted average diluted common shares outstanding		17,720		15,887

Basic income (loss) per share		$	0.17	$	(0.12)




Diluted income (loss) per share		$	0.16	$	(0.12)

The Company had the following dilutive securities that were not included in the computation of diluted net income (loss) income per share as they were considered anti-dilutive (in thousands):


	Three Months Ended March 31,
		2026	2025
Stock options		5,082	5,749
Stock options with unsatisfied market conditions		1,324	1,175
Restricted stock units		248	456
Restricted stock units with unsatisfied market conditions		1,168	644
Restricted stock awards		9	141
Shares to be issued under stock bonus program		—	239
Shares expected to be issued under the 2021 Employee Stock Purchase Plan		—	33