Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2023

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.