v3.26.1
Note 12 - Earnings Per Share (EPS)
 6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Earnings Per Share [Text Block]

NOTE 12. EARNINGS PER SHARE (EPS)

 

The Company had dividend eligible PUs and DSUs that were outstanding during the six and three months ended June 30, 2026 and 2025. The basic and diluted per share computations include these unvested PUs and DSUs if there is income available to common stock, as they have dividend participation rights. The unvested PUs and DSUs have no contractual obligation to share in losses. Because there is no such obligation, the unvested PUs and DSUs are not included in the basic and diluted EPS computations when no income is available to common stock even though they are considered participating securities.

 

The table below reconciles the numerator and denominator of EPS for the six and three months ended June 30, 2026 and 2025.

 

(in thousands, except per share information)

                
  

Six Months Ended June 30,

  

Three Months Ended June 30,

 
  

2026

  

2025

  

2026

  

2025

 

Basic and diluted EPS per common share:

                

Numerator for basic and diluted EPS per share of common stock:

                

Net income (loss) - Basic and diluted

 $69,237  $(16,456) $89,192  $(33,578)

Weighted average shares of common stock:

                

Shares of common stock outstanding at the balance sheet date

  199,603   126,567   199,603   126,567 

Unvested dividend eligible share based compensation outstanding at the balance sheet date

  540   -   540   - 

Effect of weighting

  (5,002)  (21,824)  789   (12,114)

Weighted average shares-basic and diluted

  195,141   104,743   200,932   114,453 

Net income (loss) per common share:

                

Basic and diluted

 $0.35  $(0.16) $0.44  $(0.29)

Anti-dilutive incentive shares not included in calculation

  -   263   -   263