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Earnings per share
 9 Months Ended
Sep. 30, 2022
Earnings per share [Abstract]  
Earnings per share
6. Earnings per share

The following table sets forth the reconciliation of basic weighted average shares outstanding and diluted weighted average shares outstanding (as adjusted, See Note 9):

   
Three Months Ended
    
Nine Months Ended
  
 
September 30,
    
September 30,
  
   
2022
    
2021
    
2022
    
2021
  
   
(In thousands, except per share data)
  
Net income (loss)
  
$
528
    
$
901
    
$
(6,196
)
  
$
(3,218
)
                                 
Shares:
                                
Basic:  Weighted average common shares outstanding
    
9,911
      
9,408
      
9,902
      
9,112
  
Add:  Dilutive effect of outstanding options and restricted stock units as determined by the treasury stock method
    
–
      
438
      
–
      
–
  
Diluted:  Weighted average common and common equivalent shares outstanding
    
9,911
      
9,846
      
9,902
      
9,112
  
                                 
Net income (loss) per common share:
                                
Basic
  
$
0.05
    
$
0.10
    
$
(0.63
)
  
$
(0.35
)
Diluted
  
$
0.05
    
$
0.09
    
$
(0.63
)
  
$
(0.35
)

The computation of diluted earnings per share excludes the effect of the potential exercise of stock awards, including stock options and restricted stock units, when the average market price of the common stock is lower than the exercise price of the related stock award during the period, as the inclusion of these stock awards in the computation of diluted earnings would be anti-dilutive.  For the three months ended September 30, 2022 and 2021, there were 0.3 million and 0.3 million, respectively, of potentially dilutive shares consisting of stock awards that were excluded from the calculation of earnings per diluted share.  For the nine months ended September 30, 2022 and 2021, there were 1.6 million and 0.4 million, respectively, of potentially dilutive shares consisting of stock awards that were excluded from the calculation of earnings per diluted share.  In periods for which a net loss is reported, such as the nine months ended September 30, 2022 and 2021, basic and diluted net loss per common share are calculated using the same method.

For the three months ended September 30, 2022, the dilutive effect of outstanding options and restricted stock units, as determined by the treasury stock method, was less than one thousand shares and thus did not impact the rounded shares presented above.