Basic earnings (loss) per share is calculated by dividing net income (loss) attributable to the Company available to common stockholders by the weighted average number of common shares outstanding for the three and six months ended June 30, 2026 and 2025. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were either exercised or converted into common stock or resulted in the issuance of common stock that would share in the earnings (loss) of the Company. The dilutive effect of options is reflected in diluted earnings (loss) per share by application of the treasury stock method. The dilutive effect of shares to be purchased under the Company’s Employee Stock Purchase Plan is reflected in diluted earnings (loss) per share by the weighted-average number of shares outstanding that would have been outstanding during the period. The dilutive effect of convertible debt is reflected in diluted earnings (loss) per share by application of the if-converted method. The Company uses the two-class method to determine earnings (loss) per share.

For calculating basic earnings (loss) per share, for the three and six months ended June 30, 2026, the weighted average number of shares outstanding exclude 748,453 and 730,187 non-vested restricted shares and no unexercised substantive options. For the three months ended June 30, 2025, the computation of diluted earnings per share did not include the effect of non-vested restricted shares or substantive options, as their effect was antidilutive. For the six months ended June 30, 2026, the computation of diluted earnings (loss) per share did not include the effect of all potential dilutive common stock equivalents, as their impact would have been antidilutive due to the net loss for the period.

For calculating basic earnings per share, for the three and six months ended June 30, 2025, the weighted average number of shares outstanding exclude 878,909 and 882,018 non-vested restricted shares and 148 and 232 unexercised substantive options. For the three and six months ended June 30, 2025, the computation of diluted earnings per share did not include the effect of non-vested restricted shares or substantive options, as their effect was antidilutive.

The following table represents a reconciliation of the net loss and weighted average shares outstanding for the calculation of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2026 and 2025 (in thousands, except share data):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Numerator
Net income (loss)	$	2,495	$	6,009	$	(1,207)	$	4,265
Earnings allocated to non-vested shares	109		307		–		218
Total	$	2,386	$	5,702	$	(1,207)	$	4,047
Denominator
Weighted average common shares outstanding	16,433,556		16,331,964		16,443,424		16,344,173
Effect of dilutive nominal options	–		–		–		–
Effect of dilutive contingently earned shares	170,818		251,070		–		245,614
Dilutive average shares outstanding	16,604,374		16,583,034		16,443,424		16,589,787
Basic earnings (loss) per share	$	0.15	$	0.35	$	(0.07)	$	0.25
Dilutive earnings (loss) per share	$	0.14	$	0.34	$	(0.07)	$	0.24

On June 6, 2025, the board of directors authorized a new share repurchase program under which the Company may repurchase up to $25 million of its common stock ("2025 Repurchase Authorization") over a 12-month period beginning on June 9, 2025. The execution of the repurchase program is expected to be consistent with the Company’s strategic initiatives which prioritize investments in organic and acquisitive growth. The timing and amount of any share repurchases will be determined by management at its discretion based on several factors including share price, market conditions and capital allocation priorities. Shares may be repurchased from time to time through open market purchases, in privately negotiated transactions or by other means, including the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, in accordance with applicable securities laws and other restrictions. The share repurchase program does not obligate Bowman to acquire a specific number of shares of common stock and may be suspended, modified, or discontinued at any time without notice. The 2025 Repurchase Authorization expired in accordance with its terms on June 9, 2026.