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Stock Compensation and Earnings (Loss) per Share | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock Compensation and Earnings (Loss) per Share | Stock Compensation and Earnings (Loss) per Share The Company granted approximately 343,000 restricted stock units ("RSUs") at a weighted average grant price of $18.86 to employees and directors during the three months ended March 31, 2023. Approximately 166,000 RSUs with a weighted average grant price of $25.29 vested and 8,000 RSUs with a weighted average grant price of $21.54 were forfeited during the three months ended March 31, 2023. The total fair value of RSUs vested was $4.2 million during the three months ended March 31, 2023. Approximately 819,000 RSUs with a weighted average grant price of $21.30 remained outstanding as of March 31, 2023. The Company granted approximately 134,000 Relative Total Shareholder Return RSUs (“RTSRs”) awards at a weighted average grant price of $23.64 to employees during the three months ended March 31, 2023. Approximately 30,000 RTSRs with a weighted average grant price of $56.32 vested and no RTSRs were forfeited during the three months ended March 31, 2023. The total fair value of RTSRs vested was $1.1 million during the three months ended March 31, 2023. Approximately 293,000 RTSRs with a weighted average grant price of $25.80 remained outstanding as of March 31, 2023. The amount of RTSRs issued are adjusted on the vesting date based upon the Company's stock performance compared to a group of peer companies. The vested amounts above exclude the adjustment and issuance of RTSRs based on actual performance, which totaled approximately 13,000 RTSRs, resulting in lower shares issued upon vesting of the RTSRs than originally granted. Stock-based compensation expense was as follows:
|  | Three Months Ended March 31,
(in thousands) |  | 2023 |  | 2022
Stock compensation expense |  | 3,852 |  |  | 3,252 |
Capitalized stock compensation |  | (135) |  |  | (109) |
Stock compensation expense, net |  | $ | 3,717 |  |  | $ | 3,143 |
As of March 31, 2023, there was $15.2 million of total unrecognized compensation cost related to non-vested incentive awards which is expected to be recognized over weighted average period of 2.8 years. We utilize the treasury stock method to calculate the impact on diluted earnings (loss) per share that potentially dilutive stock-based compensation awards have. The following table indicates the computation of basic and diluted earnings (loss) per share:
|  | Three Months Ended March 31,
(in thousands, except per share amounts) |  | 2023 |  | 2022
Calculation of net income (loss) per share: |  |  |  |
Net income (loss) |  | $ | 2,066 |  |  | $ | (603) |
Basic weighted average shares outstanding |  | 50,291 |  |  | 50,146 |
Basic net income (loss) per share |  | $ | 0.04 |  |  | $ | (0.01) |
Effect of stock-based compensation awards outstanding: |  |  |  |
Basic weighted average shares outstanding |  | 50,291 |  |  | 50,146 |
Effect from dilutive shares and options outstanding |  | 221 |  |  | — |
Diluted weighted average shares outstanding |  | 50,512 |  |  | 50,146 |
Diluted net income (loss) per share |  | $ | 0.04 |  |  | $ | (0.01) |
There were approximately 478,000 anti-dilutive equity awards outstanding during the three months ended March 31, 2023. There were approximately 147,000 potentially dilutive equity awards for the three months ended March 31, 2022; however, these securities were excluded from the calculation of diluted weighted average shares outstanding due to the fact that they were anti-dilutive as a result of the Company's net loss for the period.

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