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Earnings Per Share | 9 Months Ended
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Sep. 30, 2024
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) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |
Net income (loss) |  | $ | 11,189 |  |  | $ | (9,737) |  |  | $ | 30,607 |  |  | $ | 738 |  |  |  |  |
Average number of common shares outstanding |  | 33,318 |  | 33,129 |  | 33,247 |  | 24,354 |  |  |  |
Dilutive effect of common stock equivalents |  | 21 |  | — |  | 7 |  | — |  |  |  |
Average number of common shares used to calculate diluted EPS |  | 33,339 |  | 33,129 |  | 33,254 |  | 24,354 |  |  |  |
Anti-dilutive shares |  | — |  | 219 |  | — |  | 219 |  |  |  |
Earnings (loss) per common share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.34 |  |  | $ | (0.29) |  |  | $ | 0.92 |  |  | $ | 0.03 |  |  |  |  |
Diluted |  | $ | 0.34 |  |  | $ | (0.29) |  |  | $ | 0.92 |  |  | $ | 0.03 |  |  |  |  |
There were 0 and 219 thousand anti-dilutive unvested restricted stock and performance stock unit awards excluded from the calculation of diluted earnings (loss) per share for the three months ended September 30, 2024 and 2023, respectively. There were 0 and 219 thousand anti-dilutive unvested restricted stock and performance stock unit awards excluded from the calculation of diluted earnings per share for the nine months ended September 30, 2024 and 2023, respectively.

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