Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Computations of Basic and Diluted Earnings Per Share

Below are the computations of basic and diluted earnings per share for the three and six months ended June 30, 2026 and 2025:


(In thousands, except per share amounts)	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026			2025
Computation of Basic Earnings per Share
Net income (loss)	$	22,911	$	11,341	$	(18,495	)	$	31,052
Weighted-average number of common shares outstanding		22,897		22,865		22,893			22,866
Basic earnings per share	$	1.00	$	0.50	$	(0.81	)	$	1.36

Computation of Diluted Earnings per Share
Net income (loss)	$	22,911	$	11,341	$	(18,495	)	$	31,052
Weighted-average number of shares outstanding		22,897		22,865		22,893			22,866
Add weighted-average net shares from assumed exercise of options (under treasury stock method)(1)(2)		—		7		—			10
Add weighted-average net shares related to unvested stock awards (under treasury stock method)(2)		19		2		—			2
Add weighted-average net shares from assumed exercise of SARs (under treasury stock method)(1)(2)		—		5		—			7
Add weighted-average contingently issuable net shares related to performance stock awards (under treasury stock method)(2)		8		—		—			—
Weighted-average shares applicable to diluted earnings		22,924		22,879		22,893			22,885
Diluted earnings per share	$	1.00	$	0.50	$	(0.81	)	$	1.36

(1)

Options/SARs to acquire 1,167,695 shares of the Company's common stock were excluded from the computation of dilutive earnings per share for the three months ended June 30, 2026. Options/SARs to acquire 1,205,183 and 1,209,553 shares of the Company's common stock were excluded from the computation of dilutive earnings per share for the three and six months ended June 30, 2025, respectively. The options/SARs' exercise prices were greater than the average market price for the Company's common stock and inclusion of the instruments would have had an antidilutive effect on the computations of the earnings per share.

(2)

For the six months ended June 30, 2026, potential common shares were excluded from the computation of diluted earnings per share because of their anti-dilutive effect due to the net loss for the first six months in 2026.