| EARNINGS PER SHARE |
NOTE H – EARNINGS PER SHARE The following table reflects the computation of basic and diluted earnings per common share: | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | June 30 | | June 30 | | | | 2026 | | 2025 | | 2026 | | 2025 | | | | | (in thousands, except share and per share data) | | Basic | | | | | | | | | | | | | | Numerator: | | | | | | | | | | | | | | Net income (loss) | | $ | (13,824) | | $ | 25,809 | | $ | (14,861) | | $ | 28,940 | | Denominator: | | | | | | | | | | | | | | Weighted-average shares | | | 22,348,772 | | | 22,944,228 | | | 22,344,449 | | | 23,070,812 | | Earnings per common share | | $ | (0.62) | | $ | 1.12 | | $ | (0.67) | | $ | 1.25 | | | | | | | | | | | | | | | | Diluted | | | | | | | | | | | | | | Numerator: | | | | | | | | | | | | | | Net income (loss) | | $ | (13,824) | | $ | 25,809 | | $ | (14,861) | | $ | 28,940 | | Denominator: | | | | | | | | | | | | | | Weighted-average shares | | | 22,348,772 | | | 22,944,228 | | | 22,344,449 | | | 23,070,812 | | Effect of dilutive securities(1) | | | — | | | 64,479 | | | — | | | 75,797 | | Adjusted weighted-average shares and assumed conversions | | | 22,348,772 | | | 23,008,707 | | | 22,344,449 | | | 23,146,609 | | Earnings per common share | | $ | (0.62) | | $ | 1.12 | | $ | (0.67) | | $ | 1.25 | |
| (1) | For both the three and six months ended June 30, 2026, outstanding stock awards of 0.1 million were not included in the diluted earnings per share calculation because inclusion of these awards would have been antidilutive. |
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