Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2024

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,
	2024		2023		2024		2023
Net income (loss)	$	(14,815)	$	7,969	$	(31,826)	$	(2,096)



Weighted average shares outstanding - basic	12,330		10,235		12,287		10,208
Dilutive effect of stock options and restricted stock	—		158		—		—

Weighted average shares outstanding - diluted	12,330		10,393		12,287		10,208

Earnings (loss) per share
Basic	$	(1.20)	$	0.78	$	(2.59)	$	(0.21)
Diluted	$	(1.20)	$	0.77	$	(2.59)	$	(0.21)

For the three and nine months ended September 30, 2024 and 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 these periods. For the three months ended September 30, 2023, the calculation of diluted earnings per share excluded approximately 46 thousand shares that were anti-dilutive. Diluted earnings per share was calculated using treasury stock method for the restricted shares and stock options.