The calculation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in thousands, except per share amounts):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Net income (loss)	$	11,230	$	(20,554)	$	28,129	$	(11,732)



Weighted average shares outstanding - basic	11,455		11,682		11,321		12,110
Dilutive effect of stock options and restricted stock	606		—		506		—

Weighted average shares outstanding - diluted	12,061		11,682		11,827		12,110

Earnings (loss) per share
Basic	$	0.98	$	(1.76)	$	2.48	$	(0.97)
Diluted	$	0.93	$	(1.76)	$	2.38	$	(0.97)

For the three and nine months ended September 30, 2026, the diluted earnings per share excludes approximately 4 thousand and 39 thousand shares, respectively, and for the three and nine months ended September 30, 2025, the diluted earnings per share excludes approximately 8 thousand and 15 thousand shares, respectively, because they were anti-dilutive. For the three and nine months ended September 30, 2025, the Company was in a net loss position and, as a result, no potentially dilutive securities were included in the denominator for computing diluted loss per share because the impact would have been anti-dilutive. Diluted earnings per share was calculated using treasury stock method for the stock options and restricted stock.