Earnings per share

6 Months Ended

Jun. 30, 2024

6. Earnings per share

The following table sets forth the reconciliation of basic and diluted weighted average shares outstanding:

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2024			2023		2024			2023
	(In thousands, except per share data)
Net (loss) income	$	(319	)	$	765	$	(1,355	)	$	3,904

Shares:
Basic: Weighted average common shares outstanding		9,997			9,956		9,985			9,943
Add: Dilutive effect of outstanding options and restricted stock units as determined by the treasury stock method		–			61		–			73
Diluted: Weighted average common and common equivalent shares outstanding		9,997			10,017		9,985			10,016

Net (loss) income per common share:
Basic	$	(0.03	)	$	0.08	$	(0.14	)	$	0.39
Diluted	$	(0.03	)	$	0.08	$	(0.14	)	$	0.39

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 and six months ended June 30, 2024, when a loss was reported, basic and diluted EPS are calculated using the same method and as a result, 1.6 million and 1.5 million shares, respectively, of potentially dilutive shares consisting of stock awards were excluded from the calculation of earnings per diluted share. Anti-dilutive stock awards excluded from the computation of earnings per dilutive share were 0.9 million in each of the three and six months ended June 30, 2023.