Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2024

Summary of Components of Basic and Diluted Earnings Per Share

The components of basic and diluted earnings per share were as follows for the three- and nine-month periods ended September 30, 2024 and 2023:


	Three Months Ended September 30,
(In thousands, except share and per share data)	2024				2023
	Basic		Diluted		Basic		Diluted
Net income (loss)	$	19,748	$	19,748	$	6,380	$	6,380
Weighted-average common shares outstanding	25,337,147		25,337,147		25,263,523		25,263,523
Add dilutive effect of restricted stock unit awards	—		575,124		—		295,997
Add dilutive effect of stock options	—		42		—		19,814
Weighted-average common shares outstanding	25,337,147		25,912,313		25,263,523		25,579,334
Earnings (loss) per common share	$	0.78	$	0.76	$	0.25	$	0.25
Awards excluded from diluted earnings per share calculation(1)	—		517,500		—		837,482

(1)Outstanding awards that are not "in-the-money" are excluded from the diluted earnings per share calculation because the effect of including them would inherently have been anti-dilutive.


	Nine Months Ended September 30,
(In thousands, except share and per share data)	2024				2023
	Basic		Diluted		Basic		Diluted
Net income (loss)	$	30,515	$	30,515	$	(49,308)	$	(49,308)
Weighted-average common shares outstanding	25,308,951		25,308,951		25,244,502		25,244,502
Add dilutive effect of restricted stock unit awards	—		575,124		—		—
Add dilutive effect of stock options	—		548		—		—
Weighted-average common shares outstanding	25,308,951		25,884,623		25,244,502		25,244,502
Earnings (loss) per common share	$	1.21	$	1.18	$	(1.95)	$	(1.95)
Awards excluded from diluted earnings per share calculation(1)	—		517,500		—		814,636

(1)Outstanding awards that are not "in-the-money" are excluded from the diluted earnings per share calculation because the effect of including them would inherently have been anti-dilutive.