NET INCOME PER SHARE

3 Months Ended

Mar. 31, 2024

Basic and diluted net income per share was as follows:


	Three Months Ended March 31,
Dollars in thousands, except per share amounts		2024		2023
Basic net (loss) income per share:
Net (loss) income		$	(3,281)	$	24,226
Weighted average common shares outstanding		77,735		81,871

Basic net (loss) income per common share		$	(0.04)	$	0.30

Diluted net (loss) income per share:
Net (loss) income		$	(3,281)	$	24,226

Weighted average common shares outstanding — Basic		77,735		81,871
Effect of dilutive securities:
Stock options and restricted stock		—		452
Weighted average common shares for diluted earnings per share		77,735		82,323

Diluted net (loss) income per common share		$	(0.04)	$	0.29

Basic earnings per share is computed by dividing net income by the weighted-average common shares outstanding during the period. Diluted earnings per share is computed based on the weighted-average common shares outstanding plus the effect of dilutive potential common shares outstanding during the period calculated using the treasury stock method. Dilutive potential common shares include employee equity share options, non-vested shares, and similar equity instruments granted by the Company. Potential common share equivalents have been excluded where their inclusion would be anti-dilutive.

Common stock of approximately 1.3 million and 0.3 million shares at March 31, 2024, and 2023, respectively, were not included in the computation of diluted net (loss) income per share because their effect would have been anti-dilutive.