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Net Income (Loss) per Common Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Net Income (Loss) per Common Share Net Income (Loss) per Common Share
The calculation of net income (loss) per common share for the three and nine months ended September 30, 2024 and 2023 was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars and shares in thousands, except per share data)2024202320242023
Basic:
Net income (loss)$21,815 $27,383 $(62,325)$80,309 
Average common shares outstanding30,174 29,910 30,143 30,487 
Basic net income (loss) per common share$0.72 $0.91 $(2.07)$2.63 
Diluted:
Net income (loss)$21,815 $27,383 $(62,325)$80,309 
Average common shares outstanding30,174 29,910 30,143 30,487 
Adjustment for common share equivalents68 34 — 48 
Average common shares outstanding-diluted30,242 29,944 30,143 30,535 
Diluted net income (loss) per common share (1)
$0.72 $0.91 $(2.07)$2.63 
Anti-dilutive shares3 3 58 3 
(1) For periods ended with a net loss, anti-dilutive financial instruments have been excluded from the calculation of GAAP diluted EPS.
Basic net income (loss) per share is computed by dividing income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the net income (loss) of the Company. The computation of diluted per share does not assume conversion or exercise of securities that would have an anti-dilutive effect on net income (loss) per share.
Securities issued by the Company that could potentially dilute net income (loss) per share in future periods include stock options and restricted stock. To calculate diluted net income (loss) per share, the Company utilizes the Treasury Stock method which results in only an incremental number of shares added to shares outstanding during the period.