Earnings Per Share

9 Months Ended

Sep. 30, 2023

Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of potential common stock equivalents (stock-based awards). The following table provides information relating to the calculation of earnings per common share.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2023		2022		2023		2022
	(As Restated)				(As Restated)

Net (Loss)/Income	$	(9,737)	$	9,658	$	738	$	22,769

Average number of common shares outstanding	33,129		19,852		24,354		19,842
Dilutive effect of common stock equivalents	—		—		—		—
Average number of shares used to calculate diluted EPS	33,129		19,852		24,354		19,842

Anti-dilutive shares	219		—		219		—

Earnings per common share
Basic	$	(0.29)	$	0.49	$	0.03	$	1.15
Diluted	$	(0.29)	$	0.49	$	0.03	$	1.15

There were no potentially dilutive shares outstanding during the three and nine months ended September 30, 2022.