Company: BWMN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001628280-25-012365
Chunk: 27

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 15
Chunk 27
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 assume the effect of restricted shares or substantive options because the effects were antidilutive. For calculating basic loss per share, for the year ended December 31, 2023, the weighted average number of shares outstanding exclude 1,796,615 non-vested restricted shares and 7,900 unexercised substantive options. The computation of diluted loss per share for the year ended December 31, 2023 did not assume the effect to all potential dilutive common stock equivalents outstanding for the period. The following table represents a reconciliation of the net income and weighted average shares outstanding for the calculation of basic and diluted earnings (loss) per share for the years ended December 31, 2024 and 2023 (in thousands, except share data): 

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Table of Content

For the Year Ended December 31,20242023NumeratorNet income (loss)$3,034 $(6,624)Earnings allocated to non-vested shares230 – Subtotal$2,804 $(6,624)DenominatorWeighted average common shares outstanding15,754,34412,490,914Effect of dilutive nominal options––Effect of dilutive contingently earned shares377,679–Dilutive average shares outstanding16,132,02312,490,914Basic earnings (loss) per share$0.18 $(0.53)Dilutive earnings (loss) per share$0.17 $(0.53)Share RepurchasesOn August 15, 2024, the board of directors authorized a $25 million share repurchase program under which the Company may repurchase up to $25 million of our common stock. On November 29, 2024, the board of directors authorized an increase to this repurchase authorization from $25 million to $35 million (collectively referred to as the "2024 Repurchase Authorization"). The authorization is effective through July 31, 2025. The execution of the repurchase program is expected to be consistent with the Company’s strategic initiatives which prioritize investments in organic and acquisitive growth. The timing and amount of any share repurchases will be determined by management at its discretion based on several factors including share price, market conditions and capital allocation priorities. Shares may be repurchased from time to time through open market purchases, in privately negotiated transactions or by other means, including the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act