Earnings Per Share

3 Months Ended

Mar. 31, 2023

Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding and all dilutive potential common shares outstanding.

The following table sets forth the computation of basic and diluted earnings per share:


(Dollars and shares in thousands, except per share amounts)	Three Months Ended
	March 31, 2023		March 31, 2022
Numerator:
Net income (loss)	$	(3,505)	$	16,600
Denominator:
Weighted-average shares outstanding - basic	18,604		18,780
Effect of dilutive shares	—		219
Weighted-average shares outstanding - diluted	18,604		18,999
Basic earnings per share	$	(0.19)	$	0.88
Diluted earnings per share	$	(0.19)	$	0.87

Dilutive shares are calculated using the treasury stock method and primarily include unvested restricted stock units. Anti-dilutive shares are excluded from the calculation of diluted shares and diluted earnings per share. For the three months ended March 31, 2023 and 2022, 57,000 shares and 33,000 shares were excluded, respectively.