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NET INCOME PER SHARE | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
NET INCOME PER SHARE | NET INCOME PER SHARE Basic and diluted net income per share was as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
Dollars in thousands, except per share amounts | 2024 |  | 2023 |  | 2024 |  | 2023
Basic net (loss) income per share: |  |  |  |  |  |  |
Net (loss) income | $ | (12,402) |  |  | $ | 4,184 |  |  | $ | (15,683) |  |  | $ | 28,410 |
Weighted average common shares outstanding | 77,409 |  |  | 80,966 |  |  | 77,572 |  |  | 81,418 |
Basic net (loss) income per common share | $ | (0.16) |  |  | $ | 0.05 |  |  | $ | (0.20) |  |  | $ | 0.35 |
Diluted net (loss) income per share: |  |  |  |  |  |  |
Net (loss) income | $ | (12,402) |  |  | $ | 4,184 |  |  | $ | (15,683) |  |  | $ | 28,410 |
Weighted average common shares outstanding — Basic | 77,409 |  |  | 80,966 |  |  | 77,572 |  |  | 81,418 |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock options and restricted stock | — |  |  | 185 |  |  | — |  |  | 321 |
Weighted average common shares for diluted earnings per share | 77,409 |  |  | 81,151 |  |  | 77,572 |  |  | 81,739 |
Diluted net (loss) income per common share | $ | (0.16) |  |  | $ | 0.05 |  |  | $ | (0.20) |  |  | $ | 0.35 |
Basic earnings per share is computed by dividing net income by the weighted-average common shares outstanding during the period. Diluted earnings per share is computed based on the weighted-average common shares outstanding plus the effect of dilutive potential common shares outstanding during the period calculated using the treasury stock method. Dilutive potential common shares include employee equity share options, non-vested shares, and similar equity instruments granted by the Company. Potential common share equivalents have been excluded where their inclusion would be anti-dilutive. Common stock of approximately 1.3 million and 0.6 million shares at June 30, 2024, and 2023, res pectively, were not included in the computation of diluted net (loss) income per share because their effect would have been anti-dilutive.

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