Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings (Loss) Per Share [Abstract]

Note 15—Earnings Per Share

Basic earnings per share is computed by dividing net income or loss attributable to all classes of common stockholders of the Company by the weighted average number of shares of all classes of common stock outstanding during the applicable period. Diluted earnings per share is computed in the same manner as basic earnings per share, except that the number of shares is increased to include restricted stock still subject to risk of forfeiture and to assume exercise of potentially dilutive stock options using the treasury stock method, unless the effect of such increases is anti-dilutive.

The weighted-average number of shares used in the calculation of basic and diluted earnings per share attributable to the Company’s common stockholders consists of the following:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
Basic weighted-average number of shares		26,615		25,233		25,541		25,623
Effect of dilutive securities:
Stock options and warrants		56		695		49		508
Non-vested restricted Class B common stock		691		277		466		130
Diluted weighted-average number of shares		27,362		26,205		26,056		26,261

Unissued vested deferred stock units in three months ended September 30, 2023 pertain to the weighted average of restricted shares of the company's Class B common stock that the Company expects to issue related to satisfaction of 2022 market conditions (see Note 12 — Equity) to the vesting of certain outstanding options.

The following shares were excluded from the diluted earnings per share computations:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
Shares underlying options		—		—		—		126
Non-vested deferred stock units		—		290		—		290

Stock options were excluded from the diluted earnings per share computation for the nine months ended September 30, 2022 because the exercise prices of the stock options were greater than the average market prices of the Company's stock during the period.

Non-vested deferred stock units were excluded from the basic and diluted weighted average shares outstanding calculation because the market conditions for vesting of those deferred stock units were not met as of September 30, 2022.