Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2024

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.

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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator for EPS:
Net income (loss)	$	(16,163)	$	(5,915)	$	52,910	$	46,824
Less: Preferred stock dividends	(3)		(3)		(8)		(8)
Income (loss) available to common stockholders	$	(16,166)	$	(5,918)	$	52,902	$	46,816
Denominator for EPS:
Weighted average common shares outstanding	28,355		29,617		28,607		30,087
Plus: Assumed conversion of share-based compensation (1)	—		—		685		266
Assumed conversion of preferred stock	—		—		25		25
Weighted average diluted common shares outstanding	28,355		29,617		29,317		30,378
Basic earnings (loss) per common share	$	(0.57)	$	(0.20)	$	1.85	$	1.56
Diluted earnings (loss) per common share	$	(0.57)	$	(0.20)	$	1.80	$	1.54


(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.