Earnings per Common Share

6 Months Ended

Jun. 30, 2023

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 June 30,		Six Months Ended June 30,
(In thousands)	2023	2022	2023	2022
Basic weighted-average common shares outstanding	16,865	16,849	16,849	16,788
Incremental shares due to:
Stock-based awards	91	105	152	171
Performance shares	2	125	2	120
Diluted weighted-average common shares outstanding	16,958	17,078	17,003	17,080

Shares excluded from the computation of diluted earnings per share were 0.5 million and 0.4 million for the quarter and six months ended June 30, 2023 and 0.4 million and 0.4 million for the quarter and six months ended June 30, 2022 as they were either antidilutive (not in-the-money) or the required performance conditions were not met.