Earnings Per Share

12 Months Ended

Dec. 31, 2024

Basic earnings 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)	2024	2023	2022
Basic average common shares outstanding	16,781	16,863	16,985
Incremental shares due to:
Stock-based awards	—	148	196
Performance Shares	—	80	—
Diluted average common shares outstanding	16,781	17,091	17,181

Anti-dilutive shares excluded from the calculation were 0.3 million, for each of the years ended December 31, 2024, 2023 and 2022.