Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2023

The reconciliation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in thousands, except per share amounts):


	Year ended December 31,
	2023		2022
Net income (loss) attributable to common stockholders	$	(18,876)	$	3,712

Basic - weighted average shares outstanding	10,212		5,747
Dilutive effect of stock options and restricted stock	—		204
Dilutive effect of convertible 2025 Notes	—		—
Diluted - weighted average shares outstanding	10,212		5,951

Earnings (loss) per share
Basic	$	(1.85)	$	0.65
Diluted	$	(1.85)	$	0.62

For the year ended December 31, 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 2022, the diluted earnings per share calculation excludes approximately 84 thousand shares because they were anti-dilutive. For the year ended December 31, 2022, we excluded the assumed conversion of the 2025 Notes in calculating diluted earnings per share as the effect was anti-dilutive. 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.