Earnings Per Share

6 Months Ended

Jun. 30, 2024


4. Earnings (Loss) Per Share

We compute basic earnings (loss) per share by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares and dilutive potential common shares outstanding during the period. Diluted earnings (loss) per share reflects the assumed exercise, settlement and vesting of all dilutive securities using the “treasury stock method” except when the effect is anti-dilutive. Potentially dilutive securities consist of shares issuable upon vesting of restricted stock awards and units. Diluted loss per share for the six months ended June 30, 2023 was the same as basic loss per share as there was a net loss in the period and inclusion of potentially dilutive securities was anti-dilutive.

The following table sets forth the computation of basic and diluted earnings (loss) per share:


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands, except per share amounts)	2024		2023		2024		2023
Numerator:
Net income (loss)	$	21,804	$	2,105	$	27,050	$	(12,596)
Denominator:
Weighted average common shares	50,747,337		52,642,411		51,399,853		52,389,112
Add effect of dilutive securities:
Restricted stock and units	930,081		1,000,713		972,074		—
Weighted average common shares assuming dilution	51,677,418		53,643,124		52,371,927		52,389,112
Earnings (loss) per share
Basic	$	0.43	$	0.04	$	0.53	$	(0.24)
Diluted	$	0.42	$	0.04	$	0.52	$	(0.24)

Anti-dilutive shares excluded from calculations of diluted earnings (loss) per share	12,367		9,487		1,023,093		1,151,974