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				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Numerator:
Net income (loss) attributable to Travelzoo	$	(2,009)	$	150	$	(1,667)	$	4,720

Denominator:
Weighted average common shares—basic	10,197		10,987		10,449		11,585
Effect of dilutive securities: stock options	—		226		—		389
Weighted average common shares—diluted	10,197		11,213		10,449		11,974




Net income (loss) per share —basic	$	(0.20)	$	0.01	$	(0.16)	$	0.41




Net income (loss) per share—diluted	$	(0.20)	$	0.01	$	(0.16)	$	0.39