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Stock Compensation and Earnings (Loss) per Share
 9 Months Ended
Sep. 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 nine months ended September 30, 2023. Approximately 190,000 RSUs with a weighted average grant price of $25.01 vested and 9,000 RSUs with a weighted average grant price of $21.65 were forfeited during the nine months ended September 30, 2023. The total fair value of RSUs vested was $4.8 million during the nine months ended September 30, 2023. Approximately 836,000 RSUs with a weighted average grant price of $21.21 remained outstanding as of September 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 nine months ended September 30, 2023. Approximately 30,000 RTSRs with a weighted average grant price of $56.32 vested and no RTSRs were forfeited during the nine months ended September 30, 2023. The total fair value of RTSRs vested was $1.1 million during the nine months ended September 30, 2023. Approximately 293,000 RTSRs with a weighted average grant price of $25.80 remained outstanding as of September 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
September 30,		Nine Months Ended
September 30,
(in thousands)2023202220232022
Stock compensation expense2,220 1,942 8,950 7,751 
Capitalized stock compensation(176)(171)(586)(452)
Stock compensation expense, net$2,044 $1,771 $8,364 $7,299 

As of September 30, 2023, there was $10.9 million of total unrecognized compensation cost related to non-vested incentive awards which is expected to be recognized over weighted average period of 2.3 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
September 30,		Nine Months Ended
September 30,
(in thousands, except per share amounts)2023202220232022
Calculation of net income (loss) per share:
Net income (loss)$1,593 $(2,728)$5,449 $(6,556)
Basic weighted average shares outstanding50,379 50,183 50,346 50,153 
Basic net income (loss) per share$0.03 $(0.05)$0.11 $(0.13)
Effect of stock-based compensation awards outstanding:
Basic weighted average shares outstanding50,379 50,183 50,346 50,153 
Effect from dilutive shares and options outstanding457 — 277 — 
Diluted weighted average shares outstanding50,836 50,183 50,623 50,153 
Diluted net income (loss) per share$0.03 $(0.05)$0.11 $(0.13)
There were approximately 330 and 172,000 anti-dilutive equity awards outstanding during the three and nine months ended September 30, 2023, respectively. There were approximately 252,000 and 165,000 potentially dilutive equity awards for the three and nine months ended September 30, 2022, respectively; 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.