Basic net income 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 September 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 $0.02. For the nine months ended September 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 September 30, 2026 and 2025, restricted stock awards representing approximately 504,000 and 464,000 common shares, respectively, were excluded from the computation of diluted net income per common share as their inclusion would have been anti-dilutive. For the nine months ended September 30, 2026 and 2025, restricted stock awards representing approximately 1,094,000 and 1,108,000 common shares, respectively, were excluded from the computation of diluted net income per common share as their inclusion would have been anti-dilutive.


	Three Months Ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Net income	$	38,261	$	12,208	$	61,756	$	7,485
Weighted Average Shares - Basic	64,396,991		63,729,227		64,329,809		63,901,455
Dilutive effect of restricted stock awards	504,378		1,093,842		463,971		1,107,733
Weighted Average Shares - Diluted	64,901,369		64,823,069		64,793,780		65,009,188
Basic net income per share	$	0.59	$	0.19	$	0.96	$	0.12
Diluted net income per share	$	0.59	$	0.19	$	0.95	$	0.12