Earnings (Loss) per Share

12 Months Ended

Dec. 31, 2023

13.	Earnings (Loss) per Share

The computation of basic earnings (loss) per share (“EPS”) is based on the Company’s net income (loss) divided by the weighted average number of common shares outstanding. Diluted earnings (loss) per share reflects the potential dilution that could occur if outstanding stock options and restricted share units were exercised / released. The dilutive effect of stock options and restricted share units were calculated using the treasury stock method.

For the year ended December 31, 2023, all stock options and restricted shares were anti-dilutive and excluded from the computation of diluted (loss) per share. For the years ended December 31, 2022 and 2021, there were 506,000 and 276,000 anti-dilutive stock options that were excluded from the computation of diluted earnings per share, respectively.

The following table sets forth the denominators of the basic and diluted EPS computations:


	Years Ended December 31,
(Amounts in thousands, except per share data)	2023		2022		2021
Weighted-average shares outstanding:
Basic		11,613		11,588		11,436
Stock options and restricted share units		—		489		571

Diluted		11,613		12,077		12,007

The following table sets forth the computation of basic EPS utilizing net income and the Company’s weighted-average common stock outstanding:


	Years Ended December 31,
(Amounts in thousands, except per share data)	2023			2022		2021
Net income (loss)	$	(7,138	)	$	8,712	$	12,221
Basic weighted-average shares outstanding		11,613			11,588		11,436

Basic EPS	$	(.61	)	$	.75	$	1.07

The following table sets forth the computation of diluted EPS utilizing net income and the Company’s weighted-average common stock outstanding plus the weighted-average of stock options, restricted shares and performance shares, which had a diluted effect on EPS:


	Years Ended December 31,
(Amounts in thousands, except per share data)	2023			2022		2021
Net income (loss)	$	(7,138	)	$	8,712	$	12,221
Basic weighted-average shares outstanding		11,613			12,077		12,007

Diluted EPS	$	(.61	)	$	.72	$	1.02