The following table sets forth the calculation of basic and diluted net income (loss) per share (in thousands, except per share amounts):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Numerator:
Net income (loss) attributable to Travelzoo	$	(2,136)	$	1,402	$	342	$	4,570

Denominator:
Weighted average common shares—basic	10,319		11,139		10,577		11,617
Effect of dilutive securities: stock options	—		366		81		471
Weighted average common shares—diluted	10,319		11,505		10,658		12,088




Net income (loss) per share —basic	$	(0.21)	$	0.13	$	0.03	$	0.39




Net income (loss) per share—diluted	$	(0.21)	$	0.12	$	0.03	$	0.38