Earnings Per Share

12 Months Ended

Dec. 31, 2022

Basic earnings (loss) per share are based on the weighted average number of shares of common stock outstanding. Diluted earnings per share are based upon the weighted average number of shares of common stock outstanding plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. This method requires that the effect of potentially dilutive common stock equivalents be excluded from the calculation of diluted earnings per share for the periods in which net losses are reported because the effect is anti-dilutive.

The following table reconciles the number of common shares used in calculating the basic and diluted net earnings per share:


	December 31,
(In thousands - except per share data)	2022		2021		2020
Basic average common shares outstanding1	16,985		16,767		16,569
Incremental shares due to:
Stock-based awards	196		—		141
Performance Shares	—		—		14
Diluted average common shares outstanding	17,181		16,767		16,724
Basic net income (loss) per common share	$	2.71	$	(1.67)	$	4.65
Diluted net income (loss) per common share	$	2.68	$	(1.67)	$	4.61

1 Basic average common shares outstanding include restricted stock awards that are fully vested, but are deferred for future issuance. See Note 13, "Stockholders' Equity" for further discussion.

Anti-dilutive shares excluded from the calculation were 0.3 million, 0.7 million and 0.5 million for the years ended December 31, 2022, 2021 and 2020.