Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding for the period and does not consider common stock equivalents.

Diluted net income (loss) per common share reflects the dilution that would occur if restricted shares were vested. In the computation of diluted net income (loss) per common share, Orion uses the treasury stock method for outstanding options and restricted shares. For periods in which the Company reports a net loss, potentially dilutive securities are excluded from the dilution calculation. Net income (loss) per common share is calculated based upon the following shares:


	For the Three Months Ended June 30,
Basic earnings (loss) per common share:	2026		2025
Numerator:
Net income (loss) (in thousands)	$	1,959	$	(1,244	)
Denominator:
Weighted-average common shares outstanding		4,059,842		3,331,524
Net income (loss) per common share:
Basic earnings (loss) per common share	$	0.48	$	(0.37	)

Diluted earnings (loss) per common share:
Numerator:
Net income (loss) (in thousands)	$	1,959	$	(1,244	)
Denominator:
Weighted-average common shares outstanding		4,059,842		3,331,524
Dilutive effect of restricted stock awards and non-qualified stock options		102,953		—
Weighted-average common shares and common share equivalents outstanding		4,162,795		3,331,524
Net income (loss) per common share:
Diluted earnings (loss) per common share	$	0.47	$	(0.37	)

The following table indicates the number of potentially dilutive securities excluded from the calculation of Diluted net (loss) income per common share because their inclusion would have been anti-dilutive. The number of shares is as of the end of each period:


	For the Three Months Ended June 30,
	2026		2025
Time-Based Restricted shares		—		67,380
Performance-Based Restricted shares		47,065		80,161
Time-Based Non-Qualified Stock Option		1,147		—
Performance-Based Non-Qualified Stock Option		12,500		—
Total		60,712		147,541