Earnings per Common Share

3 Months Ended

Mar. 31, 2024

Basic earnings per common share are calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings per common share are calculated by dividing net income (loss) by the weighted average number of shares adjusted for the dilutive effect of common stock awards (outstanding stock options and unvested restricted stock), if any. Presented below are the calculations for basic and diluted earnings per common share.


	Three Months Ended March 31,
(In thousands, except per share data)	2024		2023
Net income (loss)	$	27,790	$	(8,898)
Weighted average common shares outstanding	14,907		14,694
Effect of dilutive common stock awards	342		—
Diluted weighted average common shares outstanding	15,249		14,694
Basic earnings (loss) per common share*	$	1.86	$	(0.61)
Diluted earnings (loss) per common share*	$	1.82	$	(0.61)

*Cumulative quarterly per share performance may not equal annual per share totals due to the effects of the amount and timing of capital increases. When computing earnings per share for an interim period, the denominator is based on the weighted average shares outstanding during the interim period, and not on an annualized weighted average basis. Accordingly, the sum of the earnings per share data for the quarters will not necessarily equal the year to date earnings per share data.

For the three months ended March 31, 2024, options to purchase approximately 0.1 million shares were excluded from the calculation of diluted earnings per common share as the effect of their exercise would have been anti-dilutive. As a result of the Company’s reported net loss for the three months ended March 31, 2023, all of the common stock awards outstanding were excluded from the computation of diluted earnings (loss) per common share.