Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2024

Basic earnings (loss) per share was computed by dividing net income (loss) by the weighted-average number of Common Shares outstanding for each respective period. Diluted earnings (loss) per share was calculated by dividing net income by the weighted-average of all potentially dilutive Common Shares that were outstanding during the periods presented. However, for all periods in which the Company recognized a net loss, the Company did not recognize the effect of the potential dilutive securities as their inclusion would be anti-dilutive. Potential dilutive shares of 233,202 for the three months ended June 30, 2023, were excluded from diluted loss per share because the effect would be anti-dilutive. Potential dilutive shares of 265,815 and 256,514 for the six months ended June 30, 2024 and 2023, respectively, were excluded from diluted loss per share because the effect would be anti-dilutive.

Weighted-average Common Shares outstanding used in calculating basic and diluted earnings per share were as follows:


	Three months ended June 30,		Six months ended June 30,
	2024	2023	2024	2023
Basic weighted-average Common Shares outstanding	27,610,756	27,451,623	27,570,014	27,400,490
Effect of dilutive shares	241,871	—	—	—
Diluted weighted-average Common Shares outstanding	27,852,627	27,451,623	27,570,014	27,400,490

There were 646,500 and 425,612 performance-based right to receive Common Shares outstanding at June 30, 2024 and 2023, respectively. The right to receive Common Shares are included in the computation of diluted earnings per share based on the number of Common Shares that would be issuable if the end of the quarter were the end of the performance period.