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Earnings (Loss) Per Share | 9 Months Ended
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Sep. 30, 2023
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 |  | Nine Months Ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Net income (loss) - basic | $ | 7,969 |  |  | $ | 16,477 |  |  | $ | (2,096) |  |  | $ | 16,542 |
Interest on dilutive convertible notes due 2025 | — |  |  | 2,762 |  |  | — |  |  | 8,286 |
Net income (loss) - diluted | $ | 7,969 |  |  | $ | 19,239 |  |  | $ | (2,096) |  |  | $ | 24,828 |
Weighted average shares outstanding - basic | 10,235 |  |  | 5,778 |  |  | 10,208 |  |  | 5,736 |
Dilutive effect of stock options and restricted stock | 158 |  |  | 227 |  |  | — |  |  | 206 |
Dilutive effect of convertible notes due 2025 | — |  |  | 4,547 |  |  | — |  |  | 4,547 |
Weighted average shares outstanding - diluted | 10,393 |  |  | 10,552 |  |  | 10,208 |  |  | 10,489 |
Earnings (loss) per share |  |  |  |  |  |  |
Basic | $ | 0.78 |  |  | $ | 2.85 |  |  | $ | (0.21) |  |  | $ | 2.88 |
Diluted | $ | 0.77 |  |  | $ | 1.82 |  |  | $ | (0.21) |  |  | $ | 2.37 |
The calculation of diluted earnings per share excluded approximately 46 thousand shares that were anti-dilutive for the three months ended September 30, 2023. For the nine months ended September 30, 2023, we excluded all potentially dilutive restricted shares and stock options in calculating diluted earnings per share as the effect was anti-dilutive due to net losses incurred for the period. For the three months and nine months ended September 30, 2022, the diluted earnings per share calculation excluded approximately 54 thousand and 95 thousand shares, respectively. Diluted earnings per share was calculated using treasury stock method for the restricted shares and stock options; and if-converted method for the convertible notes.

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