v3.26.1
Earnings Per Share
6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing the adjusted net income by the weighted average number of common shares outstanding combined with dilutive common share equivalents outstanding, if the effect is dilutive. For the three and six months ended June 30, 2026 and 2025, there were no adjustments to net income. Potentially dilutive common share equivalents consist of incremental shares of common stock issuable upon exercise of the June 2022 Warrants and vesting and settlement of stock awards. The dilutive effect of non-vested stock issued under share‑based compensation plans, shares issuable under the Employee Stock Purchase Plan, employee stock options outstanding, and the June 2022 Warrants are computed using the treasury stock method.
The calculation of the basic and diluted earnings per share for the three and six months ended June 30, 2026 and 2025 is as follows (in thousands):
Three months ended June 30,Six months ended June 30,
2026202520262025
Numerator:
Net income for basic and diluted earnings per share$9,953 $1,768 $14,617 $7,148 
Denominator:
Basic weighted average shares outstanding36,151 33,947 36,126 31,827 
Dilutive effect of the June 2022 warrants1,951 1,792 1,937 1,738 
Dilutive effect of stock options and restricted shares370 492 346 461 
Diluted weighted average shares outstanding38,472 36,231 38,409 34,026 
Basic earnings per share$0.28 $0.05 $0.40 $0.22 
Diluted earnings per share$0.26 $0.05 $0.38 $0.21