3.            Earnings Per Share of Common Stock

We are required to present earnings per share (“EPS”) utilizing the two-class method because we had outstanding, non-vested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, which are considered participating securities.

Basic net income (loss) per common share is computed by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding for the period. Diluted net income per share includes the dilutive effect of restricted stock awards (RSA’s), if any, calculated using the treasury stock method. Using the treasury stock method, the effect of dilutive securities includes the additional shares of common stock that would have been outstanding based on the assumption that these potentially dilutive securities had been issued. The treasury stock method assumes proceeds from the unamortized compensation expense of restricted stock awards are used to repurchase common shares at the average market price during the period, thus reducing the dilutive effect. RSA’s with assumed proceeds per unit above the Company’s average share price for the periods presented are excluded from the diluted EPS calculation because the effect is anti-dilutive.

Basic and diluted EPS computations for the Company’s reported net income attributable to common stockholders are as follows:

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Anti-dilutive securities include restricted stock awards, which are excluded from the diluted income per share computation. Non-vested restricted stock awards of 139 thousand shares and 82 thousand shares were excluded from net income (loss) per common share - diluted for the three months ended June 30, 2026 and 2025 because their inclusion would have been anti-dilutive. Non-vested restricted stock awards of 122 thousand shares were excluded from net income per share - diluted for the nine months ended June 30, 2026 because their inclusion would have been anti-dilutive.