Net Income (Loss) per Common Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Calculation of Net Income Per Common Share

The calculation of net income per common share for the three and six months ended June 30, 2024 and 2023 was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(dollars and shares in thousands, except per share data)	2024		2023		2024		2023
Basic:
Net (loss) income	$	(83,802)	$	28,692	$	(84,140)	$	52,926
Average common shares outstanding	30,186		30,455		30,127		30,780
Basic net (loss) income per common share	$	(2.78)	$	0.94	$	(2.79)	$	1.72
Diluted:
Net (loss) income	$	(83,802)	$	28,692	$	(84,140)	$	52,926
Average common shares outstanding	30,186		30,455		30,127		30,780
Adjustment for common share equivalents	—		50		—		52
Average common shares outstanding-diluted	30,186		30,505		30,127		30,832
Diluted net (loss) income per common share (1)	$	(2.78)	$	0.94	$	(2.79)	$	1.72
Anti-dilutive shares	48		3		54		3

(1) For periods ended with a net loss, anti-dilutive financial instruments have been excluded from the calculation of GAAP diluted EPS.