Earnings (Loss) Per Common Share

9 Months Ended

Sep. 30, 2023

Note 13—Earnings (Loss) Per Common Share

Basic and diluted (loss) earnings per common share are computed by dividing net (loss)/income by the weighted-average number of basic and diluted common shares outstanding, respectively. The weighted-average number of diluted common shares includes the impact of dilutive securities, including outstanding stock options, restricted stock units, performance stock units and deferred stock units. During periods of net loss, diluted loss per share equals basic loss per share as the antidilutive effect of potential common shares is disregarded. The table below reconciles the weighted-average basic and diluted common shares outstanding:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in thousands)
Numerator for basic and diluted (loss) earnings per share:
Net (loss) income	$	(5,494)	$	322	$	15,788	$	18,471

Denominator
Weighted average number of common shares outstanding - basic	74,364		74,340		74,446		74,334
Effect of dilutive securities1	—		8		50		12
Weighted average number of common shares outstanding - diluted	74,364		74,348		74,496		74,346

Basic (loss) earnings per share:	$	(0.07)	$	0.00	$	0.21	$	0.25

Diluted (loss) earnings per share:	$	(0.07)	$	0.00	$	0.21	$	0.25

1.Certain outstanding equity awards are anti-dilutive and therefore excluded from the calculation of the weighted average number of diluted common shares outstanding.

Anti-dilutive outstanding equity awards under share-based compensation plans were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
	(in thousands)
Anti-dilutive	3,110	3,287	2,619	3,201