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Earnings Per Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share

(4) Earnings Per Share

 

Options to purchase approximately 2,035,000 of common stock that were outstanding as of June 30, 2024 were included in the computation of diluted earnings per share for the three months ended June 30, 2024. Options to purchase approximately 1,987,000 shares of common stock that were outstanding as of June 30, 2024 were included in the computation of diluted earnings per share for the six months ended June 30, 2024, respectively. Options to purchase approximately 569,000 of common stock that were outstanding as of June 30, 2023 were included in the computation of diluted earnings per share for the three months ended June 30, 2023. Options to purchase approximately 726,000 shares of common stock that were outstanding as of June 30, 2023 were not included in the computation of diluted earnings per share for the six months ended June 30, 2023, respectively. The inclusion of these shares for the six months ended June 30, 2023 would have resulted in an anti-dilutive effect and were thus omitted from disclosure.

 

Earnings applicable to common stock and common stock shares used in the calculation of basic and diluted earnings per share are as follows:  

                                 
    Three months ended June 30,     Six months ended June 30,  
    2024     2023     2024     2023  
                                 
Numerator: (in Thousands)                                
Net income (loss)   $ 856     $ 333     $ 1,747     $ (825 ) 
                                 
Denominator:                                
Weighted average number of basic shares outstanding     56,674,170       49,567,338       54,675,011       49,498,755  
Weighted average additional shares assuming conversion of in-the-money stock options to common shares and assumed repurchase of common shares by the Company     2,035,000       569,000       1,987,000       —  
Weighted average number of diluted common shares outstanding     58,709,170       50,136,338       56,662,011       49,498,755  
                                 
Basic earnings per common share:                                
Net income (loss) per share – basic   $ 0.02     $ 0.01     $ 0.03     $ (0.02 ) 
Diluted earnings per common share:                                
Net income (loss) per share – diluted   $ 0.01     $ 0.01     $ 0.03     $ (0.02 )