Earnings Per Common Share

12 Months Ended

Dec. 31, 2023

Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents (stock-based awards). The following table provides information relating to the calculation of earnings per common share for the years ended December 31, 2023 and December 31, 2022.


(In thousands, except per share data)	December 31, 2023		December 31, 2022

Net Income	$	11,228	$	31,177

Average number of common shares outstanding	26,572		19,847
Dilutive effect of common stock equivalents	2		—
Average number of shares used to calculate diluted EPS	26,574		19,847

Anti-dilutive shares	—		$	—

Earnings per common share
Basic	$	0.42	$	1.57
Diluted	$	0.42	$	1.57

As of December 31, 2023 and 2022, there were no unvested common stock equivalents excluded from the calculation of diluted earnings per share as their effect would be anti-dilutive.