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EARNINGS PER SHARE | 6 Months Ended
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Jun. 30, 2023
EARNINGS PER SHARE |
EARNINGS PER SHARE | (7) EARNINGS PER SHARE Basic earnings per share are computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding and the number of dilutive potential common share equivalents during the period. Dilution resulting from stock-based compensation plans is determined using the treasury stock method and dilution resulting from the 2023 Convertible Senior Notes is determined using the if-converted method. In periods of losses, diluted loss per share is computed on the same basis as basic loss per share as the inclusion of any other potential common shares outstanding would be anti-dilutive. The calculation of basic and diluted earnings per share for the three and six months ended June 30, 2023 and 2022 are as follows (in thousands, except per share data): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended June 30, | ​ | For the Six Months Ended June 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
Basic earnings per share |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Net income | ​ | $ | 3,354 | ​ | $ | 3,346 | ​ | $ | 4,923 | ​ | $ | 4,723
Basic weighted average shares outstanding | ​ |  | 36,435 | ​ |  | 38,851 | ​ |  | 36,564 | ​ |  | 39,305
Basic earnings per share | ​ | $ | 0.09 | ​ | ​ | 0.09 | ​ | ​ | 0.13 | ​ | ​ | 0.12
Diluted earnings per share | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Net income | ​ | $ | 3,354 | ​ | ​ | 3,346 | ​ | ​ | 4,923 | ​ | ​ | 4,723
Weighted average shares outstanding | ​ |  | 36,435 | ​ |  | 38,851 | ​ |  | 36,564 | ​ |  | 39,305
Effect of dilutive securities - options and restricted stock | ​ |  | 626 | ​ |  | 1,042 | ​ |  | 685 | ​ |  | 1,062
Diluted weighted-average shares outstanding | ​ |  | 37,061 | ​ |  | 39,893 | ​ |  | 37,249 | ​ |  | 40,367
Diluted earnings per share | ​ | $ | 0.09 | ​ | ​ | 0.08 | ​ | $ | 0.13 | ​ | $ | 0.12
​ For the three and six months ended June 30, 2023, equity grants of 39,000 and 21,000 shares of common stock, respectively, were excluded from the dilutive stock calculation because their effect would have been anti-dilutive. ​ For the three and six months ended June 30, 2022, equity grants of 293,000 and 341,000 shares of common stock, respectively, were excluded from the dilutive stock calculation because their effect would have been anti-dilutive. For three and six months ended June 30, 2023, conversion options to purchase 3.2 million and 1.6 million shares, respectively, resulting from the 2023 Convertible Senior Notes, were excluded from the dilutive stock calculation because their effect would have been anti-dilutive (see Note 9 – Convertible Senior Notes).

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