Earnings per Share

3 Months Ended

Mar. 31, 2024

Basic earnings per share is based on the weighted average number of shares outstanding and excludes the dilutive effect of common stock equivalents. Diluted earnings per share is based on the weighted average number of shares outstanding and includes the dilutive effect of common stock equivalents to the extent they are not anti-dilutive. Because the Company was in a net loss position for the three months ended March 31, 2023, diluted net loss per share for the period excludes the effects of common stock equivalents, which are anti-dilutive.

The details of the earnings per share calculations for the three months ended March 31, 2024 and 2023 are as follows:


	Three Months Ended March 31,
(In thousands, except per share data)	2024		2023
Net income (loss)	$	13,468	$	(8,356)
Weighted average common shares outstanding:
Basic	38,060		40,057
Incremental shares with dilutive effect:
Restricted stock units	403		—
Diluted	38,463		40,057

Net income (loss) per share:
Basic	$	0.35	$	(0.21)
Diluted	$	0.35	$	(0.21)