Earnings (Loss) per Share

3 Months Ended

Mar. 31, 2024

Basic and diluted earnings (loss) per share are computed pursuant to the two-class method. Under this method, the Company attributes net income (loss) to two classes: common stock and unvested restricted stock. Unvested restricted stock awards granted to employees under the Company’s Long-Term Incentive Plan are considered participating securities as they receive non-forfeitable rights to cash dividends at the same rate as common stock.

Diluted net income per share is calculated using the more dilutive of the two methods. Under both methods, the exercise of employee stock options is assumed using the treasury stock method. The assumption of vesting of restricted stock, however, differs:

1.Assume vesting of restricted stock using the treasury stock method.

2.Assume unvested restricted stock awards are not vested, and allocate earnings to common shares and unvested restricted stock awards using the two-class method.

For the three months ended March 31, 2024, basic and diluted loss per share are the same because of the loss position.

The following table sets forth the computation of net income (loss) per share, on a basic and diluted basis, for the periods indicated (share count and dollar amounts other than per-share amounts in the table are in thousands):


	Three Months Ended March 31,
	2024		2023
Basic:
Net income (loss)	$	(919)	$	56,149
Less income allocated to participating securities	(354)		(1,254)
Net income (loss) attributable to common stock	$	(1,273)	$	54,895
Earnings (loss) per share, basic	$	(0.07)	$	3.09
Weighted-average shares outstanding	17,664		17,766
Diluted:
Net income (loss)	$	(919)	$	56,149
Less income allocated to participating securities	(354)		(1,254)
Net income (loss) attributable to common stock	$	(1,273)	$	54,895
Earnings (loss) per share, diluted	$	(0.07)	$	3.09
Weighted-average shares outstanding	17,664		17,766
Dilutive effect of restricted stock	—		104
Adjusted weighted-average shares outstanding under treasury stock method	17,664		17,870
Participating securities excluded under two-class method	—		(101)
Adjusted weighted-average shares outstanding under two-class method	17,664		17,769