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Net Income (Loss) per Common Share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Net Income (Loss) per Common Share Net Income per Common Share
Net income per common share is computed based on the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed similarly but includes the effect of the assumed exercise of dilutive stock appreciation rights and restricted stock under the treasury stock method.
On May 13, 2021, the Company's shareholders approved the 2021 Long Term Equity Incentive Plan (the “2021 Plan”) that replaced the 2006 Long Term Equity Incentive Plan (the “2006 Plan”) approved in May 2006 and amended in May 2015. The 2021 Plan provides restricted stock award recipients voting rights equivalent to the Company's common stock and accrual of dividends but not receipt of dividends until all conditions or restrictions related to such award have been satisfied. Accordingly, the restricted shares are not considered participating shares. The 2006 Plan provides restricted stock award recipients voting rights equivalent to the Company’s common stock and accrual and receipt of dividends irrespective of any conditions or restrictions related to such award being satisfied. Accordingly, the restricted shares granted from the 2006 Plan are considered a participating security and the Company is required to apply the two-class method to consider the impact of the restricted shares on the calculation of basic and diluted earnings per share.
The computation of basic and diluted net income per common share is as follows (in thousands, except for per share data):
December 31,
202320222021
Net income$20,324 $12,203 $4,671 
Less: net income allocated to participating securities81 180 232 
Net income available to common shareholders$20,243 $12,023 $4,439 
Weighted average common shares outstanding — basic8,550 8,356 8,062 
Effect of dilutive securities222 12 — 
Weighted average common and potentially issuable common shares outstanding — diluted
8,772 8,368 8,062 
Basic net income per common share$2.37 $1.44 $0.55 
Diluted net income per common share$2.31 $1.44 $0.55 
The computation of basic and diluted net income per participating share is as follows (in thousands, except for per share data):
December 31,
202320222021
Net income allocated to participating securities$81 $180 232 
Weighted average participating shares outstanding — basic34 125 422 
Effect of dilutive securities— — — 
Weighted average participating and potentially issuable participating shares outstanding — diluted
34 125 422 
Basic net income per participating share$2.37 $1.44 $0.55 
Diluted net income per participating share$2.37 $1.44 $0.55