Earnings per Common Share

12 Months Ended

Dec. 31, 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 years ended December 31, 2023 and 2022, diluted net loss per share for these periods exclude the effects of all common stock equivalents, which are anti-dilutive.

A reconciliation of the shares included in the basic and fully diluted earnings per share calculations is as follows:


	Years Ended December 31,
(In thousands, except per share data)	2024		2023		2022
Net income (loss)	$	57,082	$	(29,799)	$	(14,434)
Weighted average common shares outstanding:
Basic	38,387		40,193		40,143
Incremental shares with dilutive effect:
Restricted stock awards	698		—		—
Diluted	39,085		40,193		40,143

Net income (loss) per share:
Basic	$	1.49	$	(0.74)	$	(0.36)
Diluted	$	1.46	$	(0.74)	$	(0.36)