| Earnings Per Share |
2. Earnings per Share We calculate earnings per share using the two-class method in accordance with ASC Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”), and the Company's Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”), based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and the Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and the Non-Voting Common Stock. Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for the Voting Common Stock and the Non-Voting Common Stock. The calculation of basic and diluted earnings per share for the quarters ended December 31, 2025 and 2024 for the Voting Common Stock and the Non-Voting Common Stock were as follows:
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|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(Unaudited) |
|
|
|
(In thousands, except share and per share amounts) |
|
|
|
|
|
|
|
|
Weighted average shares outstanding of Voting Common Stock |
|
|
19,607,788 |
|
|
|
19,607,788 |
|
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock |
|
|
196,077,880 |
|
|
|
196,077,880 |
|
Percent of weighted average shares outstanding of Voting Common Stock |
|
|
10 |
% |
|
|
10 |
% |
|
|
|
|
|
|
|
Net earnings (losses) available to common stockholders |
|
$ |
(36,968 |
) |
|
$ |
67,166 |
|
Voting Common Stock dividends declared and paid |
|
|
— |
|
|
|
— |
|
Non-Voting Common Stock dividends declared and paid |
|
|
(8,824 |
) |
|
|
(8,824 |
) |
Undistributed earnings (losses) available to common stockholders |
|
$ |
(45,792 |
) |
|
$ |
58,342 |
|
Undistributed earnings (losses) available to common stockholders allocated to Voting Common Stock |
|
$ |
(4,579 |
) |
|
$ |
5,834 |
|
|
|
|
|
|
|
|
Undistributed earnings (losses) per share of Voting Common Stock |
|
$ |
(0.23 |
) |
|
$ |
0.30 |
|
Dividends declared per share of Voting Common Stock |
|
|
— |
|
|
|
— |
|
Basic and diluted earnings (losses) per share of Voting Common Stock |
|
$ |
(0.23 |
) |
|
$ |
0.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding of Non-Voting Common Stock |
|
|
176,470,092 |
|
|
|
176,470,092 |
|
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock |
|
|
196,077,880 |
|
|
|
196,077,880 |
|
Percent of weighted average shares outstanding of Non-Voting Common Stock |
|
|
90 |
% |
|
|
90 |
% |
|
|
|
|
|
|
|
Net earnings (losses) available to common stockholders |
|
$ |
(36,968 |
) |
|
$ |
67,166 |
|
Voting Common Stock dividends declared and paid |
|
|
— |
|
|
|
— |
|
Non-Voting Common Stock dividends declared and paid |
|
|
(8,824 |
) |
|
|
(8,824 |
) |
Undistributed earnings (losses) available to common stockholders |
|
$ |
(45,792 |
) |
|
$ |
58,342 |
|
Undistributed earnings (losses) available to common stockholders allocated to Non-Voting Common Stock |
|
$ |
(41,213 |
) |
|
$ |
52,508 |
|
|
|
|
|
|
|
|
Undistributed earnings (losses) per share of Non-Voting Common Stock |
|
$ |
(0.23 |
) |
|
$ |
0.30 |
|
Dividends declared per share of Non-Voting Common Stock |
|
|
0.05 |
|
|
|
0.05 |
|
Basic and diluted earnings (losses) per share of Non-Voting Common Stock |
|
$ |
(0.18 |
) |
|
$ |
0.35 |
|
The calculation of basic and diluted earnings per share for the nine months ended December 31, 2025 and 2024 for the voting Common Stock and the Non-Voting Common Stock were as follows:
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|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(Unaudited) |
|
|
|
(In thousands, except share and per share amounts) |
|
|
|
|
|
|
|
|
Weighted average shares outstanding of Voting Common Stock |
|
|
19,607,788 |
|
|
|
19,607,788 |
|
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock |
|
|
196,077,880 |
|
|
|
196,077,880 |
|
Percent of weighted average shares outstanding of Voting Common Stock |
|
|
10 |
% |
|
|
10 |
% |
|
|
|
|
|
|
|
Net earnings available to common stockholders |
|
$ |
210,913 |
|
|
$ |
449,381 |
|
Voting Common Stock dividends declared and paid |
|
|
— |
|
|
|
— |
|
Non-Voting Common Stock dividends declared and paid |
|
|
(26,471 |
) |
|
|
(26,471 |
) |
Undistributed earnings available to common stockholders |
|
$ |
184,442 |
|
|
$ |
422,910 |
|
Undistributed earnings available to common stockholders allocated to Voting Common Stock |
|
$ |
18,444 |
|
|
$ |
42,291 |
|
|
|
|
|
|
|
|
Undistributed earnings per share of Voting Common Stock |
|
$ |
0.94 |
|
|
$ |
2.16 |
|
Dividends declared per share of Voting Common Stock |
|
|
— |
|
|
|
— |
|
Basic and diluted earnings per share of Voting Common Stock |
|
$ |
0.94 |
|
|
$ |
2.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding of Non-Voting Common Stock |
|
|
176,470,092 |
|
|
|
176,470,092 |
|
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock |
|
|
196,077,880 |
|
|
|
196,077,880 |
|
Percent of weighted average shares outstanding of Non-Voting Common Stock |
|
|
90 |
% |
|
|
90 |
% |
|
|
|
|
|
|
|
Net earnings available to common stockholders |
|
$ |
210,913 |
|
|
$ |
449,381 |
|
Voting Common Stock dividends declared and paid |
|
|
— |
|
|
|
— |
|
Non-Voting Common Stock dividends declared and paid |
|
|
(26,471 |
) |
|
|
(26,471 |
) |
Undistributed earnings available to common stockholders |
|
$ |
184,442 |
|
|
$ |
422,910 |
|
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock |
|
$ |
165,998 |
|
|
$ |
380,619 |
|
|
|
|
|
|
|
|
Undistributed earnings per share of Non-Voting Common Stock |
|
$ |
0.94 |
|
|
$ |
2.16 |
|
Dividends declared per share of Non-Voting Common Stock |
|
|
0.15 |
|
|
|
0.15 |
|
Basic and diluted earnings per share of Non-Voting Common Stock |
|
$ |
1.09 |
|
|
$ |
2.31 |
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|