Earnings Per Share

9 Months Ended

Sep. 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) 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 nine months ended September 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 September 30,				Nine months ended September 30,
(dollars in thousands, except per share amounts)	2024		2023		2024		2023
Numerator:
Net income (loss)	$	20,542	$	9,017	$	47,592	$	(3,579)
Denominator:
Weighted average common shares	50,409,292		52,704,974		51,067,255		52,495,556
Add effect of dilutive securities:
Restricted stock and units	1,223,277		1,384,923		1,039,892		—
Weighted average common shares assuming dilution	51,632,569		54,089,897		52,107,147		52,495,556
Earnings (loss) per share
Basic	$	0.41	$	0.17	$	0.93	$	(0.07)
Diluted	$	0.40	$	0.17	$	0.91	$	(0.07)

Anti-dilutive shares excluded from calculations of diluted earnings (loss) per share	47,210		21,660		380,392		474,150