Earnings per Common Share

9 Months Ended

Sep. 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 September 30,		Nine Months Ended September 30,
(In thousands)	2023	2022	2023	2022
Basic weighted-average common shares outstanding	16,682	16,754	16,800	16,777
Incremental shares due to:
Stock-based awards	120	197	139	181
Performance shares	94	137	112	127
Stock options	—	6	—	—
Diluted weighted-average common shares outstanding	16,895	17,093	17,051	17,085

Shares excluded from the computation of diluted earnings per share were 0.3 million and 0.4 million for the quarter and nine months ended September 30, 2023 and 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.