Earnings Per Share

12 Months Ended

Dec. 31, 2023

Basic earnings (loss) per share are based on the weighted average number of shares of common stock outstanding. Diluted earnings per share are 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 that 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.

The following table reconciles the number of common shares used in calculating the basic and diluted net earnings per share:


	December 31,
(In thousands - except per share data)	2023		2022		2021
Basic average common shares outstanding	16,863		16,985		16,767
Incremental shares due to:
Stock-based awards	148		196		—
Performance Shares	80		—		—
Diluted average common shares outstanding	17,091		17,181		16,767
Basic net income (loss) per common share	$	6.39	$	2.71	$	(1.67)
Diluted net income (loss) per common share	$	6.30	$	2.68	$	(1.67)

Anti-dilutive shares excluded from the calculation were 0.3 million, 0.3 million and 0.7 million for the years ended December 31, 2023, 2022 and 2021.