The following reconciles shares outstanding for basic and diluted earnings/(loss) per share for the three and six months ended June 30, 2026 and 2025 (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Weighted average shares outstanding	70,604	58,030	64,071	58,284
Less: Unallocated ESOP shares	(41)	(107)	(49)	(115)
Unallocated incentive award shares	(324)	(185)	(392)	(280)
Average basic shares outstanding	70,239	57,738	63,630	57,889
Add: Effect of dilutive securities:
Incentive awards	—	2	8	2

Average diluted shares outstanding	70,239	57,740	63,638	57,891

The Company calculates earnings per share using the two-class method, as NVCE Stock qualifies as a participating security under ASC 260. Since earnings per share attributable to common stock and NVCE Stock are identical, a single basic and diluted earnings per share amount is presented for both classes of stock. All NVCE shares presented in this document are reported on an as-converted common stock equivalent basis.

The following table presents the antidilutive stock options and warrants that were excluded from the earnings per share calculation for the three and six months ended June 30, 2026 and 2025. For the three months ended June 30, 2026 shares related to incentive awards were excluded from the diluted earnings/(loss) per share calculation as they were antidilutive.


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Stock options	1,178	1,532	1,257	1,561
NVCE stock warrants	11,387	—	11,387	—
Incentive awards	12	—	—	—