Quarterly report [Sections 13 or 15(d)]

Earnings per Share

v3.25.1
Earnings per Share
3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings per Share
18. Earnings per Share:
Basic earnings per share is calculated as income available to common stockholders, divided by the weighted average number of common shares outstanding during the period. The weighted average number of common shares outstanding during the period for the computation of basic earnings per share excludes RSAs that have legally been issued but are nonvested during the period, as the sale of these shares is prohibited pending satisfaction of certain vesting conditions by the award recipients in order to earn the rights to the shares.
Diluted earnings per share is calculated as income available to common stockholders, divided by the weighted average number of common and potential common shares outstanding during the period, if dilutive. Potential common shares reflect (1) unvested RSAs and RSUs with service vesting conditions, (2) PSUs with vesting conditions considered probable of achievement and (3) options to purchase common stock, all of which have been included in the diluted earnings per share calculation using the treasury stock method.
The reconciliation from basic to diluted weighted average shares outstanding is as follows:
Three months ended
March 31,
2025 2024
Weighted average shares outstanding – Basic 117,264,124  116,955,043 
Dilutive effect of unvested common shares and RSUs with service conditions, PSUs considered probable of vesting and assumed stock option exercises and conversions —  496,106 
Weighted average shares outstanding – Diluted 117,264,124  117,451,149 
The Company reported a net loss for the three months ended March 31, 2025, and therefore excluded the dilutive effect of 295,438 shares, which consisted of unvested common shares, RSUs with service conditions, PSUs considered probable of vesting and assumed stock option exercises and conversions from the computation of weighted average diluted shares outstanding.
Basic and diluted (loss) income per share are calculated as follows:
Three months ended
March 31,
2025 2024
Numerator:
Net (loss) income $ (3,597) $ 1,221 
Denominator:
Weighted average shares outstanding – Basic 117,264,124  116,955,043 
Weighted average shares outstanding – Diluted 117,264,124  117,451,149 
Net (loss) income per share:
Basic (loss) income per share $ (0.03) $ 0.01 
Diluted (loss) income per share $ (0.03) $ 0.01 
The table below presents the details of the Company’s weighted average equity-based awards outstanding during each respective period that were excluded from the calculation of diluted earnings per share:
Three months ended
March 31,
2025 2024
Anti-dilutive RSUs and PSUs 1,365,654  558,989 
Anti-dilutive stock options 367,100  367,100 
Certain stock options to purchase shares of common stock were excluded from the computation of diluted earnings per share for the respective periods because the options’ exercise price was greater than the average market price of the common shares. These stock options and anti-dilutive awards are not included in the dilution calculation, as their inclusion would have the effect of increasing diluted income per share or reducing diluted loss per share.