Annual report [Section 13 and 15(d), not S-K Item 405]

EARNINGS PER SHARE

v3.25.4
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
The following table sets forth the computation of basic earnings per share:
(In thousands, except per share amounts) 2025 2024 2023
Basic Earnings per Common Share:
Net Income (Loss) - Basic $ 29,359  $ (16,215) $ (26,421)
Weighted Average Shares - Basic 35,443  35,037  33,104 
Basic Earnings per Common Share $ 0.83  $ (0.46) $ (0.80)
The following table sets forth the computation of diluted net income (loss) per share:
(In thousands, except per share amounts) 2025 2024 2023
Diluted Earnings per Common Share:
Net Income (Loss) - Basic $ 29,359  $ (16,215) $ (26,421)
Convertible Notes Interest Expense, Net of Tax —  —  — 
Net Income (Loss) - Diluted $ 29,359  $ (16,215) $ (26,421)
Weighted Average Shares - Basic 35,443  35,037  33,104 
Net Effect of Dilutive Stock Awards 1,021  —  — 
Net Effect of Dilutive Convertible Notes —  —  — 
Weighted Average Shares - Diluted 36,464  35,037  33,104 
Diluted Earnings per Common Share $ 0.81  $ (0.46) $ (0.80)
The Company includes the dilutive effect of shares issuable upon conversion of its Convertible Notes in the calculation of diluted income per share using the if-converted method. The Company has the option for the 2030 Convertible Notes to settle the conversion value in any combination of cash or shares, and as such, the maximum number of shares issuable are included in the dilutive share count if the effect would be dilutive. The Company excluded all impacts of the 2030 Convertible Notes from the computation of diluted earnings per share as the effect would be anti-dilutive. The Company will settle the principal amount of the 2031 Convertible Notes by paying cash and settle the premium in any combination of cash or shares. The Company’s average stock price during the period outstanding was below the conversion price for the 2031 Convertible Notes, therefore no incremental shares were included in diluted earnings per share.
Stock options with exercise prices greater than the average market price of the underlying common shares are excluded from the computation of diluted earnings per share because they are out-of-the-money and the effect of their inclusion would be anti-dilutive. The Company incurred a net loss for the years ended December 31, 2024 and 2023, therefore all outstanding stock options and unvested restricted stock units were excluded from the computation of diluted loss per share because the effect of their inclusion would be antidilutive.
Antidilutive shares excluded from diluted earnings (loss) per share computations were as follows:
(In thousands) 2025 2024 2023
Stock Options and Unvested RSUs 220  1,040  767 
2030 Convertible Notes 5,439  553  — 
Total Antidilutive Securities 5,659  1,593  767 
The Company funded substantially all of its 2023 and a portion of its 2024 401K contributions outstanding with treasury stock in lieu of cash, and returned to cash contributions in the second quarter of 2024. The earnings per share computations for the year ended December 31, 2023 are inclusive of approximately 0.1 million in shares outstanding for the equivalent shares needed to fulfill the period’s 401K obligation using the closing share price as of December 31, 2023.