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Earnings (Loss) Per Share | 3 Months Ended
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Mar. 31, 2023
Earnings Per Share [Abstract] |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic earnings (loss) per share (“EPS”) is computed based on the weighted average number of common shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution resulting from the impact of common shares issuable upon the exercise of stock options, non-vested performance share units, non-vested restricted stock units, non-vested restricted stock, and conversion of preferred stock. In loss periods, the impact of common shares issuable upon the exercises of stock options, non-vested performance share units, non-vested restricted stock units, non-vested restricted stock, and conversion of preferred stock are excluded from the calculation of diluted loss per share, as the inclusion of common shares issuable upon the exercise of stock options, non-vested performance share units, non-vested restricted stock units, non-vested restricted stocks, and conversion of preferred stock would have an anti-dilutive effect. There is no difference between basic and diluted loss per share. The following table reconciles the numerator (i.e., income) and denominator (i.e., shares) of the basic and diluted earnings (loss) per share computations for the periods presented (in thousands, except per share data):
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Numerator for EPS: |  |  |  |  |  |  |
Net income (loss) | $ | 24,173 |  |  | $ | 17,537 |  |  |  |  |
Less: Preferred stock dividends | (3) |  |  | (3) |  |  |  |  |
Income (loss) available to common stockholders | $ | 24,170 |  |  | $ | 17,534 |  |  |  |  |
Denominator for EPS: |  |  |  |  |  |  |
Weighted average common shares outstanding | 30,382 |  |  | 31,147 |  |  |  |  |
Plus: Assumed conversion of share-based compensation (1) | 219 |  |  | 55 |  |  |  |  |
Assumed conversion of preferred stock | 25 |  |  | 25 |  |  |  |  |
Weighted average diluted common shares outstanding | 30,626 |  |  | 31,227 |  |  |  |  |
Basic earnings (loss) per common share | $ | 0.80 |  |  | $ | 0.56 |  |  |  |  |
Diluted earnings (loss) per common share | $ | 0.79 |  |  | $ | 0.56 |  |  |  |  |
(1) |  | Represents the dilutive effect of common shares issuable upon the exercise of stock options, non-vested performance share units, non-vested restricted stock units and non-vested restricted stock.

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