Earnings per Share

9 Months Ended

Sep. 30, 2024

Basic earnings per share is based on the weighted average number of shares outstanding and excludes the dilutive effect of common stock equivalents. Diluted earnings per share is based on the weighted average number of shares outstanding and includes the dilutive effect of common stock equivalents to the extent they are not anti-dilutive. Because the Company was in a net loss position for the three and nine months ended September 30, 2023, diluted net loss per share for the period excludes the effects of common stock equivalents, which are anti-dilutive.

The details of the earnings per share calculations for the three and nine months ended September 30, 2024 and 2023 are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2024		2023		2024		2023
Net income (loss)	$	8,273	$	(4,133)	$	28,294	$	(30,240)
Weighted average common shares outstanding:
Basic	38,695		40,454		38,323		40,529
Incremental shares with dilutive effect:
Restricted stock units	763		—		541		—
Diluted	39,458		40,454		38,864		40,529

Net income (loss) per share:
Basic	$	0.21	$	(0.10)	$	0.74	$	(0.75)
Diluted	$	0.21	$	(0.10)	$	0.73	$	(0.75)