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Stock Compensation and Earnings (Loss) per Share | 6 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock Compensation and Earnings (Loss) per Share | Stock Compensation and Earnings (Loss) per Share The Company granted approximately 385,000 restricted stock units (“RSUs”) at a weighted average grant price of $19.05 to employees and directors during the six months ended June 30, 2023. Approximately 190,000 RSUs with a weighted average grant price of $25.01 vested and 8,000 RSUs with a weighted average grant price of $21.64 were forfeited during the six months ended June 30, 2023. The total fair value of RSUs vested was $4.8 million during the six months ended June 30, 2023. Approximately 837,000 RSUs with a weighted average grant price of $21.64 remained outstanding as of June 30, 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 six months ended June 30, 2023. Approximately 30,000 RTSRs with a weighted average grant price of $56.32 vested and no RTSRs were forfeited during the six months ended June 30, 2023. The total fair value of RTSRs vested was $1.1 million during the six months ended June 30, 2023. Approximately 293,000 RTSRs with a weighted average grant price of $25.80 remained outstanding as of June 30, 2023. The amount of RTSRs issued are determined on the vesting date based upon the Company’s stock performance compared to a group of peer companies. The vested amounts above exclude the vesting date 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 June 30, |  | Six Months Ended June 30,
(in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Stock compensation expense | 2,878 |  |  | 2,557 |  |  | 6,730 |  |  | 5,809 |
Capitalized stock compensation | (275) |  |  | (172) |  |  | (410) |  |  | (281) |
Stock compensation expense, net | $ | 2,603 |  |  | $ | 2,385 |  |  | $ | 6,320 |  |  | $ | 5,528 |
As of June 30, 2023, there was $13.2 million of total unrecognized compensation cost related to non-vested incentive awards which is expected to be recognized over weighted average period of 2.5 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 June 30, |  | Six Months Ended June 30,
(in thousands, except per share amounts) | 2023 |  | 2022 |  | 2023 |  | 2022
Calculation of net income (loss) per share: |  |  |  |  |  |  |
Net income (loss) | $ | 1,790 |  |  | $ | (3,225) |  |  | $ | 3,856 |  |  | $ | (3,828) |
Basic weighted average shares outstanding | 50,366 |  |  | 50,157 |  |  | 50,330 |  |  | 50,133 |
Basic net income (loss) per share | $ | 0.04 |  |  | $ | (0.06) |  |  | $ | 0.08 |  |  | $ | (0.08) |
Effect of stock-based compensation awards outstanding: |  |  |  |  |  |  |
Basic weighted average shares outstanding | 50,366 |  |  | 50,157 |  |  | 50,330 |  |  | 50,133 |
Effect from dilutive shares and options outstanding | 327 |  |  | — |  |  | 239 |  |  | — |
Diluted weighted average shares outstanding | 50,693 |  |  | 50,157 |  |  | 50,569 |  |  | 50,133 |
Diluted net income (loss) per share | $ | 0.04 |  |  | $ | (0.06) |  |  | $ | 0.08 |  |  | $ | (0.08) |
There were approximately 119,000 and 411,000 anti-dilutive equity awards outstanding during the three and six months ended June 30, 2023, respectively. There were approximately 212,000 and 155,000 potentially dilutive equity awards for the three and six months ended June 30, 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 periods.

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