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Earnings (Loss) Per Share | 9 Months Ended
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Sep. 30, 2022
Earnings Per Share [Abstract] |
Earnings (Loss) Per Share | Earnings (Loss) Per Share The calculation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in thousands, except per share amounts):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Net income (loss) - basic | $ | 16,477 |  |  | $ | (11,587) |  |  | 16,542 |  |  | (63,056) |
Interest on dilutive convertible notes due 2025 | 2,762 |  |  | — |  |  | 8,286 |  |  | — |
Net income (loss) - diluted | $ | 19,239 |  |  | $ | (11,587) |  |  | 24,828 |  |  | (63,056) |
Weighted average shares outstanding - basic | 5,778 |  |  | 5,661 |  |  | 5,736 |  |  | 5,637 |
Dilutive effect of stock options and restricted stock | 227 |  |  | — |  |  | 206 |  |  | — |
Dilutive effect of convertible notes due 2025 | 4,547 |  |  | — |  |  | 4,547 |  |  | — |
Weighted average shares outstanding - diluted | 10,552 |  |  | 5,661 |  |  | 10,489 |  |  | 5,637 |
Earnings (loss) per share |  |  |  |  |  |  |
Basic | $ | 2.85 |  |  | $ | (2.05) |  |  | $ | 2.88 |  |  | $ | (11.19) |
Diluted | $ | 1.82 |  |  | $ | (2.05) |  |  | $ | 2.37 |  |  | $ | (11.19) |
The diluted earnings per share calculation excludes approximately 54 thousand shares for the three months ended September 30, 2022, and 95 thousand shares for the nine months ended September 30, 2022, because they were anti-dilutive. For the three months and nine months ended September 30, 2021, we excluded all potentially dilutive restricted shares, stock options and the assumed conversion of the 2025 Notes in calculating diluted earnings per share as the effect was anti-dilutive due to net losses incurred for these periods.

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