Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

(4) Earnings Per Share

Included in the computation of diluted earnings per share for the three and nine months ended September 30, 2024 was a total of 2,062,000 and 1,947,000 in potential common stock, respectively. Options to purchase approximately 853,000 and 728,000 shares of common stock that were outstanding as of September 30, 2023 were not included in the computation of diluted earnings per share for the three and nine-months ended September 30, 2023, respectively. The inclusion of these shares for the three and nine months ended September 30, 2023 would have resulted in an anti-dilutive effect and were thus omitted from disclosure.

Earnings applicable to common stock and common stock shares used in the calculation of basic and diluted earnings per share are as follows: 

	Three months ended September 30,					Nine months ended September 30,
	2024		2023			2024		2023
Numerator: (in Thousands)
Net income (loss)	$	3,045	$	(1,436	)	$	4,793	$	(2,262	)
Denominator:
Weighted average number of basic shares outstanding		69,873,394		49,598,581			59,778,119		49,532,395
Weighted average additional shares assuming conversion of in-the-money stock options to common shares		2,062,000		—			1,947,000		—
Weighted average number of diluted common shares outstanding		71,935,394		49,598,581			61,725,119		49,532,395
Basic earnings per common share:
Net income (loss) per share – basic	$	0.04	$	(0.03	)	$	0.08	$	(0.05	)
Diluted earnings per common share:
Net income (loss) per share – diluted	$	0.04	$	(0.03	)	$	0.08	$	(0.05	)