Basic earnings (loss) per share (“EPS”) is computed based on the weighted average number of common shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution resulting from the impact of common shares issuable upon the exercise of stock options, non-vested performance share units, non-vested restricted stock units, non-vested restricted stock awards, and conversion of preferred stock. In loss periods, the impact of common shares issuable upon the exercises of stock options, non-vested performance share units, non-vested restricted stock units, non-vested restricted stock awards, and conversion of preferred stock are excluded from the calculation of diluted loss per share, as the inclusion of common shares issuable upon the exercise of stock options, non-vested performance share units, non-vested restricted stock units, non-vested restricted stock awards, and conversion of preferred stock would have an anti-dilutive effect.

The following table reconciles the numerator (i.e., income) and denominator (i.e., shares) of the basic and diluted earnings (loss) per share computations for the periods presented (in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator for EPS:
Net income (loss)	$	59,188	$	35,093	$	113,479	$	76,532
Less: Preferred stock dividends	(2)		(2)		(5)		(5)
Income (loss) available to common stockholders	$	59,186	$	35,091	$	113,474	$	76,527
Denominator for EPS:
Weighted average common shares outstanding	27,618		27,972		27,588		28,066
Plus: Assumed conversion of share-based compensation (1)	1,400		1,075		1,288		886
Assumed conversion of preferred stock	25		25		25		25
Weighted average diluted common shares outstanding	29,043		29,072		28,901		28,977
Basic earnings (loss) per common share	$	2.14	$	1.25	$	4.11	$	2.73
Diluted earnings (loss) per common share	$	2.04	$	1.21	$	3.93	$	2.64


(1)						Represents the dilutive effect of common shares issuable upon the exercise of stock options, non-vested performance share units, non-vested restricted stock units and non-vested restricted stock awards.