Earnings per Common Share

9 Months Ended

Sep. 30, 2022

Earnings per Share

Basic income per share is based on the weighted-average number of shares of common stock outstanding. Diluted income per share is based upon the weighted-average number of shares of common stock outstanding plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. This method requires the effect of potentially dilutive common stock equivalents be excluded from the calculation of diluted earnings per share for the periods in which net losses are reported because the effect is anti-dilutive.


	Quarter Ended September 30,		Nine Months Ended September 30,
(In thousands)	2022	2021	2022	2021
Basic weighted-average common shares outstanding	16,754	16,687	16,777	16,689
Incremental shares due to:
Stock-based awards	197	186	181	—
Performance shares	137	98	127	—
Stock options	6	—	—	—
Diluted weighted-average common shares outstanding	17,093	16,971	17,085	16,689

Shares excluded from the computation of diluted earnings per share were 0.2 million and 0.3 million for the quarter and nine months ended September 30, 2022 as they were either antidilutive (not in-the-money) or the required performance conditions were not met. Shares excluded from the computation of diluted earnings per share were 0.3 million for the quarter ended September 30, 2021 as they were either antidilutive (not in-the-money) or the required performance conditions were not met and 0.6 million for the nine months ended September 30, 2021 due to our reporting a net loss for the period