Earnings per Share

3 Months Ended

Mar. 31, 2023

Earnings per Share [Abstract]

Earnings per Share

6. Earnings per Share

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

	Three Months Ended
	March 31,
	2023		2022
	(In thousands, except per-share data)
Net income (loss)	$	3,139	$	(4,348	)
Shares:
Basic:  Weighted average common shares outstanding		9,930		9,886
Add:  Dilutive effect of outstanding options and restricted stock units as determined by the treasury stock method		113		–
Diluted:  Weighted average common and common equivalent shares outstanding		10,043		9,886
Net income (loss) per common share:
Basic	$	0.32	$	(0.44	)
Diluted	$	0.31	$	(0.44	)

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 March 31, 2022, there were 943 thousand of potentially dilutive shares consisting of stock awards that were excluded from the calculation of earnings per diluted share.  Furthermore, in  periods when a net loss is reported, such as the three months ended March 31, 2022, basic and diluted net loss per common share are calculated using the same method.