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Earnings (Loss) Per Share
 12 Months Ended
Dec. 31, 2023
Earnings (Loss) Per Share [Abstract]  
Earnings (Loss) Per Share

2. EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock.

The computations for basic and diluted earnings (loss) per share for the years ended December 31, 2023, 2022 and 2021 are as follows:

(shares in thousands)

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

2022

 

 

2021

 

Net income (loss)

 

$

13,906

 

 

$

(34,055

)

 

$

49,432

 

Weighted-average common shares outstanding — basic

 

 

66,469

 

 

 

66,051

 

 

 

65,587

 

Effect of stock options and restricted stock units

 

 

488

 

 

 

—

 

 

 

714

 

Weighted-average common shares outstanding — diluted

 

 

66,957

 

 

 

66,051

 

 

 

66,301

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share — basic

 

$

0.21

 

 

$

(0.52

)

 

$

0.75

 

Earnings (loss) per share — diluted

 

$

0.21

 

 

$

(0.52

)

 

$

0.75

 

 

For the year ended December 31, 2022 the dilutive effect of 462 thousand of non-qualified stock options (“NQSO”) and restricted stock units (“RSU”) were excluded from the diluted weighted-average common shares outstanding as the Company incurred a loss during the period.

 

For the years ended December 31, 2023, 2022 and 2021, 430 thousand, 351 thousand and 1 thousand, respectively, NQSO and RSUs were excluded from the calculation of diluted earnings per share based on the application of the treasury stock method, as such NQSOs and RSUs were determined to be anti-dilutive.