Basic net income (loss) per common share is based on the weighted-average number of common shares outstanding during the applicable periods. Diluted net income (loss) per common share includes the effect of potential common shares when dilutive.

For the three months ended June 30, 2026, the change in accounting estimate related to vessel depreciation increased depreciation expense and reduced both basic and diluted net income per common share by approximately $0.03. For the six months ended June 30, 2026, the change in accounting estimate related to vessel depreciation increased depreciation expense and reduced both basic and diluted net income per common share by approximately $0.05.

For the three months ended June 30, 2026, approximately 407,619 shares of restricted stock awards were excluded from the calculation of diluted net income per common share because their effect would have been anti-dilutive. For the six months ended June 30, 2026, approximately 443,243 shares of restricted stock awards were excluded from the calculation of diluted net income per common share because their effect would have been anti-dilutive.

For the three and six months ended June 30, 2025, the Company reported net losses of approximately $2.7 million and $4.7 million, respectively. Accordingly, all potential common shares were anti-dilutive, and diluted net loss per common share was equal to basic net loss per common share for those periods.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income (loss)	$	10,201	$	(2,742)	$	23,496	$	(4,723)
Weighted Average Shares - Basic	64,396,991		64,042,209		64,295,098		63,988,996
Dilutive effect of restricted stock awards	628,866		—		606,302		—
Weighted Average Shares - Diluted	65,025,857		64,042,209		64,901,400		63,988,996
Basic net income (loss) per share	$	0.16	$	(0.04)	$	0.37	$	(0.07)
Diluted net income (loss) per share	$	0.16	$	(0.04)	$	0.36	$	(0.07)