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Earnings Per Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of potential common stock equivalents (stock-based awards). The following table provides information relating to the calculation of earnings per common share.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands, except per share data) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Net (Loss)/Income |  | $ | (6,384) |  |  | $ | 9,658 |  |  | $ | 4,091 |  |  | $ | 22,769 |
Average number of common shares outstanding |  | 33,129 |  | 19,852 |  | 24,354 |  | 19,842
Dilutive effect of common stock equivalents |  | — |  | — |  | — |  | —
Average number of shares used to calculate diluted EPS |  | 33,129 |  | 19,852 |  | 24,354 |  | 19,842
Anti-dilutive shares |  | 219 |  | — |  | 219 |  | —
Earnings per common share |  |  |  |  |  |  |  |
Basic |  | $ | (0.19) |  |  | $ | 0.49 |  |  | $ | 0.17 |  |  | $ | 1.15 |
Diluted |  | $ | (0.19) |  |  | $ | 0.49 |  |  | $ | 0.17 |  |  | $ | 1.15 |
There were no potentially dilutive shares outstanding during the three and nine months ended September 30, 2022.

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